The word development is used for so many things, but ultimately it means building. Without building there is no success. Without success there is no profit. Without no profit there’s no livelihood. If you want success in any area of your business, you must have development. I want to take a look deeper at help development dictates every area of your business success.
What and How – It’s All About Retention
Today everyone is worried about 2020 and beyond. Businesses are attempting to plan for Millennials and very soon Zillennials that will be entering the workplace. Some companies are more successful than others. If you believe that you can wait until you absolutely need that generation, you are fooling yourself. You have to develop the skills of the employees that you have and think about the development that you need for those walking in the door. If you are planning on expanding and are just thinking about creating a team, you have to think of the training that you will need in order to retain those people.
The cost of retraining and reacclimating your staff can be staggering to your business and result in loss opportunities. So just like retaining customers is more cost-effective so is retaining employees. Some of them may not be perfect in your eyes but if they work well and just have a little idiosyncrasies, you need to learn to be flexible and work with them. This rings true for your customers. Everyone wants to grow. Don’t think of abandoning your old customers, the faithful and true; rather ask them what else they would like to see that you may not be offering and provide it.
Learning what needs to be done is only one half of the success plan. How it needs to be done to be delivered is the other half. That may mean looking at what you currently do and how you currently doing it and upgrade. That will also mean possibly writing a Standard Operating Procedural (SOP) manual to make sure that your methodologies are tracked. No matter the size of your business, and SOP will always prove valuable.
Direction – Up, Down, and Across
Developing directionally is managing. One thing that I’ve learned throughout my 25 years and corporate is that you don’t need to manage and one direction. I call it Managing Up, Down, and Across. As you lead your business and your organization, you don’t just manage down to those under you. You manage your peers, your customers, and your executives. And if you are the CEO, You will manage your employees, your customers, and those other companies you collaborate with. It’s not about telling people what to do but rather developing the course and the plan of which you want to use to succeed. That may also mean doing things for the Next Generation to adapt and accept. This approach definitely will need collaboration in a collective effort.
Talent – Are Millennials the Ticket?
The world is buzzing about millennials. They are supposed to be the ticket for our next wave of success and economic growth. Well this is definitely true and I will be the first to agree, we need to look at and what room. Millennials are looking to have meaning for work and be rewarded for all of their efforts. So the question is, what will you do to develop your Millennial employees, collaborators, and customers? At some point you will need to provide service to them in some way, whether it is the end product or someone that’s working for you and it’s helping you develop a product or service for your company. Either way developing them to understand the path to success with a listening ear and open mind regarding what else can be done and how better to do it, you must take Millennials and their ideas into account for the future of your company and career success. This means more than keeping up with the new social media apps for marketing and promotion, but also new ideas that you may not be focusing on.
Collectively Collaborate – Creativity and Flexibility Go Hand in Hand
Last but certainly not least, is collectively collaborating. This little short phrase can give you heartache and sleepless nights or allow you to rest peacefully and open yourself up to a more effective product or service. This move can be developing in itself. Being that we are going to be the most generationally diverse Workforce in 4 more years, drawing from the wealth of all of those Generations should be celebrated and exciting. Everyone may not be as open to learn but you should be, because it’s a great opportunity to expand your knowledge base and merge the old school and the new school.