Startups itching to grow may do well to implement a strong feedback culture.
David Klein, a contributor for Forbes who works at CommonBound, a student refinancing company, wrote this week that creating a culture of feedback can help companies reach their full potential, since they'll recognize mistakes that they can fix.
This can be a challenge for young companies, especially ones where executives haven’t figured out the best method for offering advice, tips or criticism for each other.
“But I can say that it is absolutely worthwhile for startups to invest the time and effort in implementing an intentional feedback system for themselves and their employees. If you don't, you'll end up spending just as much time (if not more) correcting for the fact you don't,” Klein wrote.
Klein offered tips on how to create this culture, such as incorporating real-time feedback.
“This means that when anyone notices an opportunity for improvement or wants to praise a colleague or manager for a job well done, they are empowered to do so,” according to Klein.
You can read more of Klein’s tips over at Forbes.