The thought of expanding your business and finally tapping into its full potential is exciting. With a wealth of new opportunities on the horizon, you cannot wait to see where your business goes next. However, you cannot jump the gun on expansion. There may be signs telling you that stagnation is a greater possibility for your business. Watch out for the warning signs of stagnation below before deciding what to do next.
Workforce development refers to the programs a business puts in place to educate and train its employees. Aside from teaching the basics, the aforementioned programs also make it easier for employees to develop new skills that are critical for responding to evolving industry challenges. Your development programs should constantly evolve to meet the needs of your industry. If that's no longer the case, there is something fundamentally missing in your operations.
According to Zippia, 68% of employees prefer to develop on the job. Cater to them by investing more resources in your development programs to ensure they remain relevant. Bring in new trainers and educators if your current employees are behind the times. You should also routinely check your development programs to ensure they are still producing the desired results.
Not too long ago, any job listing you posted quickly garnered responses from numerous candidates. These days, you've been forced to lower your hiring requirements just to get candidates in the door. That development is a bright red flag that must be addressed immediately. Even if you have robust workforce development programs, they may not be enough to compensate for unqualified employees.
Lowering your hiring standards is never a good idea. If you're having difficulty recruiting, you can improve your offers and invest more in advertising. Bolster your workforce that way to get your business back on track.
Lastly, you can reference your customer base to determine the current condition of your business. A stagnant customer base is a clear sign of trouble. It's an indicator that you aren't connecting anymore with new prospects.
Resolve that problem by requesting feedback from your local customers. Ask about the areas of service they would like to see you improve. Use their constructive criticism to identify specific issues and work on growing your company again.
It's disappointing to learn that your business isn't ready for expansion, but it's also helpful. Now that you know the issue, you can take the necessary steps to address it. Work with us at Haines City Economic Development Council, and we'll connect you with the resources to help your business fulfill its potential!
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