Founded on January 25, 1995, G&A Partners celebrates its 10th Anniversary this week. To mark this auspicious occasion, we have decided to turn the "Spotlight" on ourselves and count down the ten most important business lessons we've learned over the past ten years.
Lesson #10 - Hire Good People – This seems obvious. After all, no one sets out to hire bad people. However, the outcome is the same if companies fail to make the process of recruiting, interviewing and selecting employees a priority. We have found that when we invest the time it takes to find the right people, we reap the dividends over time.
Lesson #9 – Train & Retain Them – It may seem like a cliché, but good employees truly are a business' most valuable asset. Take time to train them well, and provide opportunities for them to hone their skills and develop professionally. When you consider that an unplanned turnover can cost up to 150 percent of an employee's annual compensation, keeping employees productive and happy is smart business.
Lesson #8 – Use Technology to Achieve Efficiencies – To be competitive, businesses need to exploit the efficiencies today's technology has to offer. But how can a "non-techie" or business owner who cannot afford the latest technology keep up? Outsourcing certain non-core functions can often provide expertise and access to the latest technology, and in turn help businesses achieve greater efficiencies. For more on outsourcing, see Lesson #2.
Lesson #7 – Take Calculated Risks – Running a successful business is not always for the timid or meek-hearted. It can often require taking great risks. In 2001, G&A Partners took a huge risk by catapulting its then most profitable business line, temporary employee placement services. It was a calculated risk that paid off. Since spinning off that business, G&A Partners has experienced 512 percent growth.
Lesson #6 – Go in a New Direction – Miscalculations and misdirection are to be expected. While missteps can be a blow to your ego, don't let them present a fatal blow to your business. Be ready and willing to correct mistakes and take a new direction when necessary.
Lesson #5 – Respect Relationships – In this day and age, commitment to relationships can seem old-fashioned, but we believe that lasting relationships with our clients, employees and partners have been the key to G&A's success.
Lesson #4 – Operate with Integrity – This too should be obvious, but recent business headlines would seem to indicate otherwise. Because a business' reputation is formed by its actions, decision makers must always act with the utmost integrity.
Lesson #3 – Focus on What You Do Best – As your company grows, it is easy to become distracted. Typically, the distractions have little to do with managing your core business or making strategic decisions, and instead involve overseeing less-strategic functions. Your business expertise and understanding cannot be duplicated, so stay focused on your core business.
Lesson #2 – Outsource Other Functions to More Qualified Experts – While you remain focused on your company's core business, consider outsourcing non-core functions to more qualified experts. Given that G&A is an HR and administrative services outsourcing company, you might have expected this advice from us. We recognize that outsourcing is a big step for any business, but we also happen to believe that with the right partner, outsourcing can provide tremendous benefits.
And Lesson #1 – Discover "Time to Grow" – Growth is a fundamental element to success. Many businesses though are caught in a classic "Catch 22" – business owners want to grow, but are too busy managing day-to-day operations to grow the core business.
G&A Partners is pleased to have provided hundreds of businesses with time to grow over the past ten years, and in the process we grew ourselves. We sincerely appreciate our clients' trust in us and look forward to strengthening our partnerships over the next ten years, and then some.
