Business empowerment is all about empowering your employees so that your business can grow and thrive. In a business where employees feel safe to voice their concerns and share their doubts, there is good team connectivity and a mutual understanding of goals. It is also about empowering your customers so they are assured that they are obtaining maximum value from the client-business relationship. Most importantly it is about persevering and practicing consistency through the highs and lows by overcoming hurdles and failures and ensuring that your business is empowered with strong goals and motivations.
Here are a few steps to help you in the process of empowering your business –
1. Overcoming failure in business
Overcoming failure in business is easier said than done. The highs and lows are inevitable and any owner or entrepreneur has to go through failures, losses, and errors. What you can do amidst these hurdles is to practice consistency and not give up. Even in the smallest steps that you can take, continue to move forward bit by bit while learning from your mistakes. The failures will ultimately help you be wiser in empowering your business in the long run.
2. Overcoming lack of action in business
It is important to do a business health check periodically to understand how close you are to your goals and what is lacking. An assessment of productivity and output levels from time to time will help you identify the areas that need improvement. Organize training programs and mentorship programs for the employees to empower them to be more efficient in their respective responsibilities. Overcoming a lack of action in business can be achieved through consistent assessment and improvements.
3. Harnessing the power of continuous innovation
With new technologies and software being introduced every day, you must empower your business through the power of continuous innovation. Introduce improvements in your products from time to time to keep the consumer engaged and wanting to know more. This can be applied to your business, service, and designs. New packaging for an existing product can go a long way in attracting the consumer’s interest. Introducing a new service or a new feature such as sharper pictures on a TV or a quicker process system in a mobile phone will easily attract the consumer to engage in the new feature of the existing product.
4.Choosing the right solution
You will face many conflicts and hurdles as you attempt to build a strong foundation for your business. You must pick the right solution when faced with any such hurdles as the wrong choice could lead to other backlashes. To make the right decision, read up on other entrepreneurs’ and business owners’ experiences and learn how they managed a crisis. Have an experienced mentor and form a strong relationship with them so you can consult them before making a decision. While a business involves taking a lot of risks, finding solutions to problems does not necessarily have to be a risk as it is possible to learn from the mistakes and experiences of others.
5. Be a Doer
To empower your business and see the growth you want, you have to be a doer. You have to get in the groove and be in touch with what is going on with your employees, what is the output capacity, and what areas need more work. It would be hard to manage and empower a business from a distance, being present in the work and a part of the process will motivate your employees to work harder which in turn could lead to an overall improvement in the quality of products.
6. Assess Everything Regularly
To understand state of your business and how far or near it is to your ultimate goal, it is important to conduct assessments periodically. The assessment could be done on a weekly or monthly basis or even quarterly depending on the type of products or services. Doing regular checks help in understanding your weaknesses and strengths, which will pave way for further improvement.
Building a business is the goal of every entrepreneur and business owner but it takes time and patience. The steps mentioned here such as regular assessments, choosing the right solutions, overcoming lack of action, and harnessing the power of continuous innovation will help you walk the extra mile as you empower your business.
The ‘no fees, no equity’ Wadhwani Advantage program has a repository of business advisors, SME consultants and mentors, and curated experts who add great value to businesses. These are domain experts who have successfully transformed businesses. You can avail of their services by applying to the Wadhwani Advantage program, which builds capacity to accelerate the revenue of businesses by 2x to 10x.
(Businesses with INR 25 Cr+ revenue and employee strength ≥ 100, intent to grow 10x and a commitment to learn can apply)