Every entrepreneur sets out with one word in mind—success. Though there are many ways to define and reach success, many are correlated with revenue, which is heavily impacted by the team you employ. We’re going to walk you through five steps entrepreneurs should take to invest in team health, and hopefully as a result, boost revenue. Win, win? We think so.
Step 1: Implement a data-driven approach to track revenue metrics
To boost revenue, entrepreneurs must adopt a data-driven strategy. This means meticulously tracking key performance indicators (KPIs) such as monthly recurring revenue (MRR), customer acquisition cost (CAC), and lifetime value (LTV) of a customer. We use tools like Google Analytics for website traffic analysis and a CRM software like Hubspot for sales funnel insights.
“All of my best decisions in business and in life have been made with heart, intuition, guts… not analysis. If you can make a decision with analysis, you should do so. But it turns out in life that your most important decisions are always made with instinct and intuition, taste, heart.” –Jeff Bezos, founder of Amazon.
Analyzing data should be a simple to do. We suggest setting up a dashboard that displays these metrics in real-time, so you can make informed decisions quickly and on a regular basis. Bloom Growth’s metrics dashboard offers this with visualization functionality. Data isn’t everything, but it is valuable.
Step 2: Cultivate a strong company culture with meaningful initiatives
A positive company culture is vital for team health. Organizations with strong cultures have been shown to have lower turnover rates, which can be as much as 48% lower than those in companies with weaker cultures, according to research by Columbia University.
Start by defining your core values and communicating them to everyone, keeping them visible and easily accessible. Then, ensure they are reflected in every aspect of your business, from philanthropic initiatives, like environmental sustainability campaigns or corporate sponsorships, to PTO policies. Host monthly team-building events, such as escape room challenges or cooking classes, which are not only fun but also foster collaboration and communication.
🧠 Bloom tip: If you’re a fully-remote company like us, we’d suggest hosting Nerd Talks to foster connections that would organically happen in an traditional office setup.
Step 3: Personalize recognition and rewards systems
Acknowledging individual achievements contributes significantly to a healthy work environment. Create a personalized recognition system where employees are praised for their unique contributions. For example, establish an ‘Employee of the Month’ program with rewards tailored to the recipient’s interests, like tickets to a concert or a book from their favorite author. This shows appreciation and encourages others to strive for excellence.
Another way to foster recognition is to create a company-wide kudos board, where anyone, not just managers, can hand out praise to other team members. At Bloom, we use a Slack channel titled #all-team-kudos to hand out praise wherever it’s due! This public praise fosters camaraderie and dovetails beautifully with company culture.
Step 4: Encourage work-life harmony with trust
Promoting a balance between work and personal life is crucial for team health. Offer flexible working hours and the option to work remotely when possible. Introduce “No Meeting Thursdays” to give employees uninterrupted time to focus on work or personal development. Encourage staff to take regular breaks and use their vacation days to recharge, leading to increased productivity and job satisfaction.
A member of our team shared this with us: “I remember walking with Kathy [Bloom’s president] as we made our way to dinner with our founder Clay. She said so nonchalantly, but with all sincerity, ‘I don’t care if you work 15 hours or 60 hours—I trust you to get the job done. That’s why I hired you.’ I had only been with the company for three months at that point, and I was speechless, but inspired.”
This type of trust inspires employees to give their best at all times—not just at work, but at home to their families and friends, too. It’s a one-life mentality that is under-sung, but emphasized here at Bloom. Whatever trust looks like for your organization, use it wisely but generously.
Step 5: Invest in professional development opportunities
Investing in your team’s growth is investing in your company’s future. Be intentional in the ways you choose to offer professional development opportunities, and consider the cost of approving them or denying them.
According to a report by the Work Institute, the cost of employee turnover can be up to 33% of an employee’s annual salary. This includes costs associated with hiring, onboarding, training, lost productivity, and the cultural impact on the team.
Try providing access to online courses (through Google Courses, Coursera, or Udemy), in-person workshops, and seminars that align with both the company’s goals and individual career aspirations. By doing so, you’ll not only improve skills but also show your team that you’re committed to their long-term success.
🧠 Bloom tip: track each team member’s professional development progress by using quarterly goals and setting milestones.
Bloom connects the dots for remote workers
Although Bloom Growth is a fully-remote organization (link to sustainability blog), we’re always finding ways to create new possibilities for our teams. Our product team and design team are international, spanning from Costa Rica to Colorado to Portugal. Recently, both teams attended a conference for professional development, which also served as the first-ever meetup for these teams!
Bloom’s president, Kathy Mayfield, had this to say: “Someone once told me it was dangerous—yes ‘dangerous’—to provide professional development to teams where competitors are readily available to snatch them up. I strongly disagree(d) and believe it is in everyone’s best interest to help teams learn new skills, experience growth, and challenge them to lean into that growth such that we all get better. We are only as strong as our weakest link right? So when my teams want to learn, experience thought leaders from all sorts of industries, and attend conferences, I say ‘yes’!”
Being an entrepreneur inevitably enrolls you in an endless list of to-dos, but with the help of Bloom Growth and these five steps, you can create a thriving business environment that supports robust revenue growth and fosters a healthy, engaged, and productive team.