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How To Build Successful Companies More Efficiently

Starting a company, or reestablishing a company by taking the helm, isn't for the weak of heart. It's even harder in tough economic times, when the biggest challenge of all is landing enough sales contracts to keep your business self-sustaining – let alone calling yourself a 'growth company.'

Every company has their own success story screaming for an opportunity to be heard nationally – waiting to burst out, if only the market would listen. In this article, we'll look at the efficacy of team building in greater depth, to help you pinpoint the most effective ways to build more efficient companies.

“Pace Yourselves for Impact!”

One of the critical elements of building an efficient company is growing at the right pace. As any successful CEO knows, you can spend a winning company into the ground. Growing too fast is one of the primary ways a business can fail, because the company doesn't have the resources to support the growth. It's why successful individuals focus on building revenue while maintaining efficiencies, an act which keeps your normally heavy load unencumbered during the growth stages of your company.

You can hire people into your own company (insourced) or they could be crowd-sourced (outsourced). The critical element is maintaining a stellar level of efficiency, and focusing on your weaknesses from the start. However, one frequent challenge for a corporate head is figuring out and pinpointing their own weaknesses and strengths.

Shawn Peterson is a Utah-based entrepreneur and franchisee of Hut No.8, which buys and sells brand name clothes, shoes, and accessories for teens and young adults. He says, “I know one of my weaknesses is in marketing, and by extension, building a more efficient company. That's why I teamed up with some local marketing specialists who worked on contingency and revenue share to help me open both my stores. It's been wildly successful for me.” Reaching out to professionals to help you can give your business a leg up on the competition.

Weigh the Benefits of Outsourcing

Anyone who's been watching the news lately has cause to wonder about the data breaches reported by more than one major company. What's ironic is that, even with all of today's high-tech security measures, consumer data can still be obtained illegally via an amateur data breach. Indeed, it seems as though data breaches have become something of a trend. And many experts say that the trend is going to continue for a long while – but this trend might be directly tied to company outsourcing habits.

Of course, outsourcing isn't a mandatory executive decision. Before you decide to choose cost over quality, consider the risks and alternatives and make sure you choose partners you can trust.

Technical support experts like iTOK, based in Utah with a satellite office in Australia, play a major role for companies seeking outsourced technical assistance. Having developed their company into the 15th fastest amongst similar companies within their sector, nothing has stopped them from reaching their goals without having to outsource. It's a refreshing take on the tech support industry, which has earned a reputation for poor outsourced service.

Various company sections aren't equipped with auto-run features, nor will they grow themselves without some form of seedling being planted from within. Before you became the CEO of your company, you had a goal. A vision. You wanted to give something to the public that nobody had ever done before, or at least not as successfully as you felt you could. That's the approach you must adopt during the company development process, except with an added element of synergy. Whether that means joining the outsourcing party, or simply offering an injection of energy into your otherwise melancholic office attitude, some source must be affirmed before selecting the approach your company should take.

Every Company Needs Its Own Division

Building your network of vendors, partners, and tools is a necessary part of building up your company. Again, you will likely have a weakness exposed within some aspect of your business development prowess, whether that be building useful internal operation tools or automating everyday tasks. How you turn such foibles into shared sagacity relies on your desire to avoid status quo decisions – which starts, ultimately, by surrounding yourself with individuals driven by a unified purpose.

Of course, it definitely wouldn't hurt to have a favorable social following to turn to, either.

One thing ingrained in all of us from a very young age is that being liked matters. From being chosen on the football team to getting that dream job ahead of someone perhaps equally as capable, being seen in a positive manner and with positive sentiment is of notable benefit. This becomes even more noteworthy when building your company division from scratch.

Establishing your presence in the social media sphere alone won't cut it. You have to inspire engagement in your social media channels, sometimes literally spending hours skimming through page after page to successfully mold a dynamic company that pushes, promotes, and sells your products or services. Building a camaraderie between yourself and likeminded business professionals is better than starting back at square one, so expect to spend lots of time parked in front of your laptop.

Precedence Starts With Presidents

From day one, company presidents must establish a binding precedence within their company departments. They must have a contagious sense of direction, pragmatic planning skills, and an advanced understanding of relationship building. Lack these skills and, well, you're just a 'head.' One way to establish such precedence is letting employees go with tact.

As president, it can be difficult when you have to break the news to someone that they have been fired. From delivering the news to dealing with the emotions that the person feels afterward, you want to be as calm, direct, and professional as possible to make sure that the event goes smoothly. Going into these meetings, you want to be upfront with what is going on and what the next steps are for the employee in terms of a severance package or any legal liability they have moving forward.

From letting people go to understanding how to improve your team, you must establish precedence.

Your Takeaway

Putting out fires, setting strategy, and delegating tasks already weigh down your full plate of daily activities. Pacing yourself and synchronizing the activities of your coworkers and employees will prevent costly flounders. More importantly, take the time to brainstorm with your company cohorts and understand them on a personal level to prevent miscommunications down the road.

Embrace opportunity when gathering resources and professionals to beef up your arsenal. Above all else, set precedence early – be the pacesetter, in other words, but set an 'achievable by all' pace. Companies like Dell, Wal-Mart or Cisco didn't happen overnight, nor should you expect an entire team to achieve a flawless synchronicity overnight.

Uneasy rests the head that wears the crown, indeed. But with clear strategy and precedence, resting will get easier.