I read the latest issue of Entrepreneur magazine which featured the results of the Entrepreneurial Challenges Survey conducted by PricewaterhouseCoopers. The survey interviewed CEOs and founders of 340 fast-growth businesses with an average of $31.5 million in sales and a 259 percent compond annual five-year growth rate.
Interestingly, "retention of key workers" was the biggest challenge, expressed by 73% of those surveyed. This was followed by "developing new products and services" at 38% and "expansion to markets inside the U.S." at 36%.
Some of you may be at a point where you are just creating a business plan and can’t yet imagine having any employees, let alone retaining them. The reason I think it is still relevant to look at this data is that it gives you a snapshot into your business future. You want to plan for the growth of your business before it happens! If you not only sell a great product or service, but also make the process of doing the work enjoyable and rewarding for your employees and partners, you are much more likely to be successful in the long run.