When you hire someone at, let’s say, $15 per hour, have you calculated the HR cost of your hiring processes, professional training, lost revenue and profits from mistakes in the field, the embarrassment of those mistakes, the cost of people laying out sick regularly, coming in to work late every Monday’s because of “car trouble”, the potential risks from
Your time is in limited supply. There’s no reasonable thinking person that would continue to sell shoes, toasters or appliance parts after their inventory runs out without informing customers of the delay on delivery. You can promise every customer that you can deliver the goods on time, but when the shelf is empty, you’re going…
Perhaps the worst thing you can do to your customers (and your employees) is to say yes to everything in pursuit of unbridled growth. Without proper planning, you may find yourself with dozens of upset customers because you couldn’t handle the increase in demands. This is a scenario that I’ve seen dozens of times with clients and even went through myself a few times before realizing what was happening.
Remember, your children didn’t volunteer for the stresses of employees, cash flow and budget crises, you did. When you turn the key to your front door at the end of your work day, be their mom or dad with as much passion and dedication and attention as you give your employees and your customers.
Dave Pomeroy’s Rule of Percentages Of the many mentors I’ve had along my way, Dave Pomeroy was one of the most insightful and entertaining people I’ve ever met. It was he that helped me accept that I would never satisfy every customer, nor should I try. I get how that might seem strange, but stay with…
I opened my business not too long before the events of September 11th, 2001. It took years for everyone to get back to normal, but we did. Then the economic collapse of 2008…
The point is that while this pandemic crisis is different, so was 9/11 and 2008. Both were life changing, cataclysmic events that altered the way America operated….
It seems that at least once a week I meet with business owners who feel lost in their businesses. They feel overwhelmed with issues that take up valuable time and energy, but do little to help the bottom line. This leaves them with little to no time to address the things that do. In nearly each of these situations, I find that they have no long term plan or goal whatsoever.
Your employees ARE your company. If you struggle with finding good employees, and who doesn’t, what are you doing to keep your existing employees engaged and motivated to stay? The more you invest in employees who stay, the less you have to invest in constantly recruiting and training others.
If your employees always seem to be on a different page than you, it might be because you’ve never communicated your 1, 3 or even 5 year goals with them. Consider the idea of leaving on a trip. You’ve packed for the trip, and your friends have all committed to meet you there. The problem is, you haven’t shared with them the final destination.
Succession planning isn’t something to do when you get old. It’s something that needs to be addressed at the beginning of your business, and for several reasons. Business owners today are so concerned with what’s happening tomorrow and next week, that they simply forget to consider the inevitable, the last day of business. Ever. The cold hard truth is that day is coming, and you should have a plan in place.