For a small to medium sized business owner, keeping the revenue continuing to flow in and making a profit are the keys to staying in business.
Here are three questions which are topics being discussed at businesses large and small and I’m interested to know how you are handling them.
Question #1 – Shrinkage, stealing or taking something and not paying for it.
Until recently known as illegal activity. If you have a retail operation you know exactly what this refers to. However, even if you are a very small operation running out of your garage or a small rented space you may be facing the same issues at a smaller scale.
Large retail operations have a line item in the budget for shrinkage.
This is a tracked number which over the course of the last four years has exploded. It’s come to the point where certain geographical locations are being exited by certain retailers.
How are you handling the shrinkage issue?
Question #2 – Retention and employee turnover.
People are one of the most important parts of your business.
That is the people who work for you and have a job in your company. How you find them, hire them and keep them are critical to your business. If you’re not able to retain employees and have a high turnover rate it’s expensive, it gets more difficult to attract people and it’s usually a sign that it’s not a culture that really cares about it’s employees.
Many companies are investing more in their people. Larger companies offer pay for further education and degrees. Smaller businesses are investing in training programs to increase productivity and enhance employee outlook and mindset.
How are you handling the retention and turnover issue?
Question #3 – Business stand on social and environmental causes.
Should a business take a stand and utilize time and money on causes not specifically related to their business OR instead should the people who own the business or work there when not at work contribute their time and money to the causes they care about.
A hotly contested topic especially in the large well known brands.
We are watching this right now in Florida with Disney.
What do you do in a small or medium sized business and how are you handling this issue?
Feel free to use the comments area to share your views and how you are handling these issues. This will provide a healthy dialogue.
Thanks for your responses and good luck handling these challenges and other ones that present themselves.
Wenkroy International LLC is a boutique consulting company with a main purpose of helping entrepreneurs and business people create the strategy, the plan and the steps necessary to achieve that person’s vision for their business and often their life, while navigating the obstacles which may be blocking them from reaching their goals. The process may involve one on one coaching, advising, laser focus days, personal growth workshops and more. The process is utilized for individuals, teams, divisions and across entire companies. People are now able to focus on what matters most to them, because, they have clarity on where they are heading.
You may be interested to know:
Do you know I’m interviewing stroke survivors, their spouse or partner as well? The purpose is to compile these stories in order to share the information with others. The stories will inspire others, help them with tips for handling what they are going through now and what they may face in the future. It may even become a go to resource for stroke survivors and their families. Here’s the link if that’s you or pass on to someone you know.
As always share the information in this article with people you know.
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