The first five years of opening and starting a business are the most precarious, and 77-80% of businesses fail within that time. No one starts a business with the intention of closing in just a few years; no one invests countless hours in a business that may not fully fleshed out and headed for success.
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I read a really interesting statistic recently in a joint article from Ray, Williams, and Wellins on Harvard Business Review. They mentioned “Over the next decade, approximately 10,000 Baby Boomers will retire every day. Young leaders will have substantial opportunity to climb the corporate ladder – by 2030, millennials alone will comprise three out of every four individuals in the U.S. workforce.”
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Have you ever had the experience when everything seemed to be going well and you felt you were doing a fantastic job, only to have that perception come to an abrupt halt when someone asks you, “Are you open to receiving some constructive feedback?” That very question can often be a trigger that releases the “no so nice” aspects of our personality if we aren’t disciplined enough to remain objective and calmly listen to the feedback BEFORE reacting to it.
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The human resource is considered the resource to create all other resources. And for smaller businesses, the stakes for good hiring are higher because each new employee is a bigger part of their business. For example, adding a new member to a 10-people company means increasing 10% of the workforce. That’s the impact of the new hire for a small business. So you need to be as smart about your hiring as possible. Let’s look at 6 hiring techniques that will make your small business hiring more effective.
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Change is inevitable. Learning to manage change is a critical part of a competitive strategy for every business.
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In December 2017, Indeed.com drew from their database of more than 15 million employer reviews to determine which companies were rated highest for culture. Nike was rated number one and a grocery chain called HEB in Texas was rated #2. Following HEB are Disney Parks & Resorts, Boys & Girls Club of America, Starbucks and Apple (a total of fifteen companies were listed).
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The hiring process is stressful, any business leader will tell you. It’s not simply finding candidates with the right education and experience, they have to fit into your present ‘family’ of employees smoothly. Adding new employees to your workforce is tricky and requires more time than just about any aspect of operating a business.
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Meetings…. UGH! More than not, they feel like a necessary “evil” most especially when you are a part of multiple teams or a part of a large organization. But it’s not the meeting itself that’s the problem, rather it’s more often how it’s run and in what format the information is delivered.
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Marketing has always been among the most important and evolving topics in the business arena. And it makes sense, too, considering how almost impossible it is for any business to grow, or even exist, without proper marketing. We have seen many trends in the modern business world from online marketing to content marketing. Now, influencer marketing is making waves and continues to be a big thing.
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