The value of co-creation in your SME

Running your own independent business can be extremely fun and rewarding. There’s nothing more uplifting than seeing a business that you’ve nurtured from a simple start-up turn into a major player, dominating your chosen sector. However, we must also remember that we never get to that point by ourselves. Although you’re the business owner, it’s also a business of employees, employees who have all come together with a shared goal.

The value of co-creation

Your business started from a single idea spawned in your mind. But now it’s a collection of ideas, all guided by your evolving vision and strong decision-making abilities. But to maximise your business’ potential and bolster the ties you share with each of your employees, co-creation is vital. It develops a positive atmosphere that encourages productivity and a creative culture which benefits the whole of your business.

SME businesses often work around a small team but being small doesn’t mean you’re less effective. To the contrary, it can make you much faster and more efficient at reacting to vital opportunities, which is a luxury larger firms may not always have. But to help you make the most of the opportunities brought by co-creation, the business finance specialists at Rangewell are offering you their top tips.  

1. Resist judging and criticising others

In business, occasionally things can and will go wrong. However, what we mustn’t do is resort to blaming other people for our failures. Whether we like to admit it or not, we are human and can make bad decisions once in awhile. Of course, holding the employees responsible to account is without a doubt the right thing to do but it is crucial for you to move on and ensure that they learn from their errors. The same applies if it was your decision that was at fault. If you’re going to constantly chastise them it will have consequences. Ultimately, this will harbour deep resentment and cause the fracturing of your staff. After all, It is very difficult to grow a business if your key employees are constantly leaving.

2. Encourage intuition

Intuition is an extremely important resource contained within your workforce. Rather than simply throwing your weight around the business, welcome their input. By encouraging your staff to offer suggestions, raise concerns and experiment, you can maximise the use of each skill set contained within your team. Ego is often counter-productive. Having a joke about past mishaps is one thing but constantly using them as a stick to beat team members down with won’t help. It will cause reluctance, bitterness and flared tempers, all of which can kill your business through a lack of cooperation.

However, running an SME business does mean the pressure is full on. Your staff may have to stay around for longer than they’d like or they may have to complete additional tasks that might fit their skill set. The most important you do is show them that their efforts are appreciated and are leading the business towards your shared ultimate goal.

3. Ask questions and encourage others to do the same

Asking questions is a vital part of running any business successfully. You need to know what tasks are being completed every single day by each one of your employees, and have a comprehensive understanding at each level of your business.

As well as asking what was completed the day before or what they never got round to, ask them about ways they can improve. If there is some aspect of your business that’s hindering them, work together to find a resolution that works for both parties.

Plus, encouraging questions also tends to work in your favour by stimulating proactive thinking. If they see something which can be done better, faster and more effectively, they might just decide to try and find the time to form a solution. As such, one day they might just turn up at your desk offering to solve a problem that you never knew you had.

At Rangewell, we know and understand how difficult it can be managing the daily challenges of an SME business. The lack of time, long hours and, of course, accessing finance. Many emerging businesses struggles with these ills. Although we can’t help you with the first two, we can assist you greatly in your search for additional funding. Rangewell are specialists in alternative finance, with our service and expertise we can source the perfect business finance package to alleviate your funding woes.

Why Rangewell?

Our values are simple – We’re on your side. Our services are clear and transparent. We support a wide range of SME businesses of every shape and size, for finding every type of finance. Follow us on Twitter and LinkedIn for business tips and tricks, and feel free to call us on 0203 637 2340 if you’d like to chat about what we can do for you.