Being an entrepreneur evokes notes of excitement, innovation, and endless possibilities. In addition, entrepreneurial pursuits may bring difficult decisions and conversations. Being the showrunner of your company means taking it all on and still coming out on the other end as a success. Keep reading for ideas to implement when you need help dealing with difficult business issues.
Ensure your finances are in order.
You started a company because you believe in what you have to offer consumers. It is likely that you also began your business to make a profit. With that in mind, you must stay on top of your invoices. When one of your business relationships or a high-volume customer has not made their payment and attempts at handling the issue have not been productive, it is time to try a different approach. Contact a collection agency to recoup your money so you can get back to running your business.
If you have found your company growth has exceeded your ability to handle the accounting responsibilities on your own, it is time to outsource. Outsourcing your accounting needs is an impactful endeavor. The contracted accounting firm will be impartial, dedicated professionals whose job is to understand the tax code. They will notice details and potential discrepancies with a professional detachment that you may not have and will, thus, be able to avoid a conflict of interest should any concerns arise.
Deal with high turnover rates.
If you are dealing with consistently elevated employee turnover rates, it is time to ask some hard questions about what is happening within your company. You must get to the bottom of any issues to maintain a steady and qualified workforce. Your customers and potential investors will all notice when the climate of company culture moves from warm and friendly to cold and distant.
To address employee satisfaction concerns, begin by asking employees to fill out anonymous surveys on paper. This way, there will not be a concern for blow-back should their honesty be less than desirable. Once you have preliminary information, compile it and address any problems immediately, if you can. Should you want to drill down further and get at the root of your company’s high turnover rate, enlist the Human Resources department and respective managers to talk with employees about changes they wish to see.
Some common themes and concerns that continue to come up within the labor force are:
- Low pay
- Long hours
- Inconsistent and unreliable scheduling (this impacts paychecks and childcare needs)
- Lack of investment in employees
- Diminished respect for employees
- Poor or no benefits
Several ways to retain employees involve investing in their futures. Some of them include:
- Increase wages to match inflation and the local cost of living.
- Set reasonable working hours whether in-person or virtual
- Schedule employees consistently and reliably. Request their input in making the schedule.
- Invest in employees’ education.
- Show your employees that they are part of a team by asking for critiques and suggestions and then implementing them as appropriate.
- Offer employees comprehensive benefits and a stake in the company.
Here is a video discussing ways to create a more positive employee culture at work.
Stay on top of your finances to remain profitable. Encourage, engage, and respect your employees. When you are willing to make changes for the betterment of your company, everyone wins.