To guarantee a healthy and lengthy life for your business, boosting the business with cash injections and regular income can enable you to keep on top of essential payments, stock replenishment and service maintenance. Setting finances aside and following an effective recruitment strategy can help boost company performance and establish a strong business identity, powered by employees.
During the lifetime of a business, it is natural to experience staff turnover at a steady rate, as personal goalposts change, families grow, and life commitments increase. This contributes to the organic development of the business, making way for fresh talent. On the other hand, you can facilitate artificial growth by rolling out a recruitment exercise that targets selected individuals with your desired skill set.
Using new talent to pursue a new direction
As technological trends come and go and personal skills age, it is vital to invest in staff training to ensure that you always have access to relevant industry knowledge and expertise. Reviving your business can be done by scouting out leaders who can nourish your business and staff with fresh ideas that are always rolling to keep your brand and services relevant. This can influence your wider team to follow suit and partake in mind mapping new strategies and improved ways of working.
The worlds largest brands actively seek new talent to meet self-established goals and financial targets. As businesses enter new industries, it is essential to hire new staff with specialisms in these sectors to better understand and relate to consumers.
For example, influencers are commissioned to promote brands and services, making them integral to product launches and marketing exercises. Influencer marketing allows brands to simultaneously enlist hundreds of high-profile individuals to share a well-devised message. Global brands, from Adidas, Nike, Lancome, to Dior, Dove and Dyson, depend on recruiting new talent to extend brand reach and enter new markets.
Failing to refresh talent can result in eventual collapse
Businesses that failed to stand the test of time due to out of date marketing, a stagnant pool of creativity and a team starved of new talent, consisted of the likes of Toys R Us and Thomas Cook. These businesses declined slowly as they failed to capitalise on new trends and keep on track of shifting consumer needs.
Toys R Us – As the Toys R Us shopping experience lacked imagination and creativity, this called for the appointment of an experienced merchandise expert to transform the shopping experience. Failure to do so resulted in a downturn in sales, leading to footfall to take a nosedive, in addition to numerous other factors.
Thomas Cook – The lifespan of Thomas Cook instantly reduced after racking up debts, paired with poor management. As the home rental site, Airbnb, dominated the holiday market, diverting custom from traditional holiday operators, more hotel rooms remained unsold and the package holiday pioneer eventually collapsed. After 178 years in business, the veteran brand was swallowed by unmanageable debt levels, Brexit uncertainty and poor merger decisions.
Recruiting new talent is just as valuable to SMEs, as it is to worldwide brands. As the fashion industry releases seasonal clothing lines with new designs and a fresh outlook multiple times in one year, businesses in alternative sectors should aim to refresh their services and business operations just as frequently. Recruiting new talent can aid this process, help your business thrive and secure a long and prosperous future.
Julian Pitts is managing partner at Fast Track CVA, part of Begbies Traynor Group. He has particular expertise in advising SMEs and their stakeholders during challenging financial situations