Welcome to The Ledger where we sum up the latest finance and accounting news and trends for you. On this week’s entry, we’re diving into the topic of what drives company growth and what that means for businesses today. Read on to see how CFOs are focusing on growth this year, why teamwork drives company growth, how organizations can support employee career growth, and lessons from a business owner.
A New Theme Emerges: Driving Company Growth
Last year remains a hot button topic for companies. With the uncertainty of the past year behind us, CFOs and the like are now looking towards the future. Recently, a survey done by CFO Research, showed a few themes that are sure to take precedence this year.
Expanding into global markets – 91 percent of those businesses surveyed said they were launching operations into new countries.
Attracting new talent unbounded by geographic restrictions – 83 percent of executives agreed that a high-caliber, diverse workforce was important to their company.
Embracing remote work – three-quarters of those surveyed said the pandemic altered how they think about hiring and workforce management.
To learn how accounting executives can embrace growth this year, read the full article on CFO.com.
The Tipping Point Of A Midsize Company
If you’ve ever been a part of a growing startup company, or a company that’s grown stagnant in their revenue, you’ve probably seen the ‘epiphany’ moment where executives realize that the course they’re leading their business on is going in one direction – down. And just like Shawn Miele, CEO of Advice Media LLC, realized his company’s tipping point, so can you. Take a look at a few of the signs that your organization has reached its tipping point:
Issues can longer be resolved in-house
Lack of leadership and expertise
Lack of strategic processes and planning
Teamwork is a nonexistent concept
To read the full article on how to shape a company into a growth-mindset, head over to Forbes.com.
Ways To Support An Employee’s Career Growth & Drive Company Growth
So your AR Specialist wants to make a vertical career move. You don’t know whether to be supportive or whether you should find a way to hinder their growth. The growth of a company begins and ends with your employees – and it’s up to the managers to encourage employee career growth that’ll not only benefit the employee but also the organization as a whole. Here’s some advice from members of the Forbes Business Council that’ll help you figure out how to support your employee’s career goals.
Understand your employee’s ambitions – where do they hope to see themselves in the next year? Two years? Five years?
Pay for educational courses – the best thing you can do for your employee is to pave the way for them.
Encourage your employees to work smarter, not harder – expecting your employees to work outside of the standard work hours does your business a disservice.
Find common ground – how can you meet your employee’s career goals while also advancing the business?
Allow your employees to participate in skill training – provide employees the ability to train in different topics.
Begin a mentoring program – have your employees learn from the best and gain valuable insight along the way.
Offer online career advancement courses – allow your staff to learn a new skill.
Help them define a development path.
Help them identify their strengths and passions – self-awareness is the key to growth.
Provide and ask for feedback – be willing to work on yourself so that your employees can work on themselves.
To dive deeper into how you can support your employee’s career growth, read the full article on Forbes.com.
From A Family Business To A Startup: Lessons From My Family
There’s something to be said about growing a business from the ground up. You’ve probably heard the phrase ‘Hard work beats talent when talent doesn’t work hard’ and that’s true for every entrepreneur out there. The challenges that come from starting your own company can be overwhelming – raising enough money, hiring the right people, trying to keep your business afloat. Take it from Eyal Lifshitz, Founder and CEO of BlueVine, who’s started his own company (while taking sound advice from business veterans along the way).
Set the tone for your company – if your employees see you leaving work early every day (or skipping out), they’re motivation and reliability is going to tank.
Give it 100% - Did you do all that you could?
Keep it simple – the best products and services reduce friction and make life easier for your customers.
To explore more about how to grow and sustain a company, head over to Forbes.com.
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