It’s no secret the backbone to any startup’s success are the people behind it – from how they work together to the innovative ideas they bring forth. But oftentimes, when rapid growth is on the horizon, many startups looking to scale often race to the hiring phase without taking a closer look into their own pool of talent. If revenue is shooting through the roof and demand is high, adding more people to the team won’t necessarily guarantee boosted productivity. In fact, it could just spike expenses higher and you’ll find yourself right back where you started.
Why scaling your team doesn’t always mean growing your team
When a company is able to scale their team, this means that they can experience revenue growth without having to increase their hiring expenses. Before making any sudden moves, a great first step is getting clear on your company “why” and core values. When a company can easily communicate their purpose to employees, it makes for smooth sailing as they continue to expand over time. If you hire more people down the line, it also makes the initial hiring process way more effective by knowing exactly what to look for in team members.
So, if you are looking to scale your team, a major rule of thumb is: keep revenue high ⬆️ and expenses low ⬇️. Here are three key ways you can do that:
1. Create innovative learning opportunities for employees
When companies go the extra mile to support and educate their employees, it gives them a greater incentive to excel and bring value to the organization. 🥳 But hey, we get it – not all startups have the funds 💰 to launch in-depth training programs or weekly workshops from the get go. The good news is there are many other useful ways that startups can grow and develop employees and invest in their teams. You can do this by providing access to free online courses and resources, hosting in-house networking events and connecting employees with other mentors in the startup community. When you create learning opportunities for your team members, you’re actively reinvesting in your existing talent to support your future growth. 👏🏼
2. Automate anything and everything
If things are moving at lightning speed, time becomes one of your team’s most valuable assets. 🕑 When you automate the core systems and processes within your organization, you can get valuable time back so that your teams can focus on more strategic areas of the business. From client onboarding and offboarding to marketing communications and spend management, there’s likely a SaaS solution for that! 😉 Automating your operational processes can drive efficiencies and cost savings, while also helping your existing employees do their job better and more effectively. So, before you jump into a hiring spree, take a closer look at the way you’re currently using the people and resources you already have. Having these automated processes in place will ensure your team is hot and ready when business growth is in full force. 💪🔥
3. Promote a healthy spending culture
A key indicator of success for any startup is how they manage and spend their money. 💸 A healthy spending culture begins with strong financial processes and policies, open discussions about spending goals with employees and collaborative decision-making. Engaging employees in this way gives more purpose to their roles and empowers them to contribute their ideas. It gives them a real seat at the table and a greater sense of ownership over their work, which makes them feel valued, appreciated and seen – and more likely to produce their best work. Talk about forming a serious powerhouse! 💪
A great starting point for scaling your team 📍
If you’re a startup on the rise, a spend management software like Float is a non-negotiable if you plan to scale. It automates all financial processes, engages employees in spending decisions, reduces manual work for your finance team and drives operational efficiencies. You can set clear budgets and spend goals within every department, give employees quick access to corporate cards, authorize real-time spending and reduce wait times for purchase approvals to increase productivity. Float brings your entire team in line when it comes to corporate spending so you can keep your eye on the prize and grow without busting out at the seams. 🚀
At the end of the day, the systems and people in your organization will determine your ability to grow and scale. While growth happens at rapid speed, it’s important to take a step back and find ways to keep that momentum going without emptying your pockets.