DEAR COACH RED . . .

Dear Coach RED

I’m the owner of a financial firm that manages the wealth of some of the country’s wealthiest families. Our team is highly skilled and they’ve been with my company for many years. I’ve been working really hard to grow our team, but no matter what we’ve tried we’ve not succeeded. We’ve hired new young talent, but find that we are challenged with keeping up with the pace they work. An even greater issue is our current team doesn’t play well with new team members and isn’t open to change within the company. While our business is profitable, I know that we must grow the business.  How do we get the help we need? 

Sincerely, 

Not Growing & Frustrated 

Not Growing & Frustrated,

Your issue is not uncommon. Many businesses, especially those that have had financial success, find themselves in similar situations. Your letter is an indication that you’re on track to the business success you’re seeking.

We’ve identified three challenges you face:

1. You need to grow your team
2. Your company culture is not conducive to change, and
3. Your infrastructure doesn’t offer opportunities for your team members to grow.

Congratulations on building your business in a place where growth is inevitable.

Getting to this stage of business requires an increase in your most valuable assets:

your team members, infrastructure, and company culture.  Here are three tips for

assessing the growth potential of your company.

1. Determine where you want to go.  When you define your destination, identify where you want your company to be in those areas that provide the greatest challenge for you. It is these areas that will offer you the most opportunity. So, face them head-on and watch your company growth.
2. Does our environment support and promote growth? I’m sure you’ve heard the saying, “You can’t put new wine in old wineskins.” Well, just the same, you don’t want to add new people, processes, and systems to your business without first preparing your organization for the change. Determine the necessary changes to your company, processes, procedures, and people to align with the direction you want your company to go.
3. Who do we need, and who do we let go? We saved this point for last because, many times, it is the most difficult decision for small business owners. When our team becomes a family, we tend to accept more than usual when it comes to lackluster performance and bad behavior. Think about the team you need to help you grow your organization and define the following:
   • Who is currently on the team, and what are their top three skills?
   • Are they currently maximizing those skills to benefit the company?
   • What additional skills, talents, people, etc. do you need on the team to meet company goals?
   • Will the budget support hiring top talent with these skills?  If yes, who in our network can connect us with the people needed on the team

Answering these questions will help you set your team and company up to win the year.

by Collette Portis, M.Ed. with RED Development Group.

Sincerely,

Coach RED

www.reddevelopmentgroup.com

If you have a pressing business question or are faced with an obstacle you just can’t overcome, send us a letter, and we’ll answer here.  We look forward to helping you maximize your greatness.