You want your business to grow and thrive. But have you taken the time to ask your employees what they want for the company? When focusing on business growth, it’s easy to zero in on factors such as introducing new products and launching in new markets. But have you taken the time to look inward at your company and consider the ways in which your company’s culture can affect your ability to grow?
A strong and positive company culture can be a crucial driver of business growth. Understanding how your business’ culture affects your bottom line and what you can do to improve the culture at your company can help you as you work to take your business to the next level.
What Is a Positive Company Culture?
One sure sign that a company has a positive culture is when the majority of people who work there are happy to be there and engaged and invested in the work they do. People who work at businesses with a positive culture are often excited about going to work in the morning.
The factors that make up a positive culture can vary, but they generally include some sort of support system for employees, so that they as if the company they work for “has their back.” The support system can take the form of programs that let staff members donate extra sick or vacation days to their co-workers who need them or benefits such as healthcare and paid family leave.
Companies with a positive culture might also look beyond their doors. The company might have programs that encourage people to get out in their community and serve others, such as volunteer days. Or, a business with a positive culture might partner with a local non-profit and organize fundraisers or other programs to support the non-profit.
How Can a Positive Culture Help Your Business?
Developing a positive culture can help your company grow in several ways. First of all, companies with positive cultures are more likely to retain employees. When people feel that the employer they work for supports them and would be there for them if a crisis or other problem came up, they are more likely to stick around.
Having a high employee retention rate can make a company more desirable to work for, which can mean that the most-qualified candidates try to find positions with your business. When the best possible team is working for your company and when everyone is on the same page and is working for growth, it’s likely that your business will be given plenty of opportunities to grow.
A positive culture can also improve employee performance and outlook. When people are happy with their jobs, they are less likely to be overly stressed out. They are also less likely to fall ill (as a result of reduced stress) and need to take days off. Happier employees tend to be more productive, which can mean your business increases output.
How to Build a Positive Company Culture
There are several ways to go about building a positive culture in your business. One place to start is with the programs you offer your team. What sort of programs can you offer to help people feel protected and supported in their work? The programs don’t have to be expensive or even very elaborate. Something as simple as offering pizza to the team on Fridays or having an after-work happy hour once a week can be a good start.
Another thing to do if you want to create a positive culture at your company is to take a close look at your business. Does it have a mission? If so, do people know what the mission is and what it means for you and for them? People are going to be more invested in a business if they believe that business has a purpose or offers some benefit that improves the greater good. Along with establishing or reiterating your company’s mission, it can be worthwhile to define your business’ values, and demonstrate to your team how their work can reflect your brand’s values.
New Direction Capital understands that having a positive business culture leads to strong relationships, which can then lead to profitable growth. To learn more about the benefits of partnering with a virtual CFO, contact us today.