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Published: November, 2021
2 Credits
$20
2 CPE credit of Personnel / Human Resources year, untold numbers of businesses are launched across the United States, and the unfortunate truth is that most of them will fail.
Why is it that some businesses thrive and grow, while most close up shop within a few years?
There are many factors, including access to capital, understanding one’s marketplace, an ability to innovate, and—not to be underestimated—some good old-fashioned luck. But there is one factor that nearly all business owners can control that may directly determine long-term business success: hiring the right people, and coalescing them into a successful and powerful team.
Many companies, including some of the biggest tech titans like Facebook or Google, have humble beginnings. Things usually start with a tight-knit core group that shares the same passion and drive.
Then, after a few years of hard work, elbow grease, and some good luck, that familial team can balloon into an army. And while this is usually the hallmark of success, it also presents a whole new set of challenges to those leading teams within these high-growth organizations.
As a business grows, the founders will be adding more people to the team and begin to organize those people to ensure that the company is successful.
With your company expanding at a rapid pace, you can no longer employ the same management tactics you used when your entire team could share a single pizza.
You must understand how to organize a team.