You must also never look back.
How will you know which tactics are good for today and also good for tomorrow? Here are a few things that you might consider.
Invest in things that will give you a return. While you might interpret that to mean “products”, I’m actually talking about employees. Employees are a business’s biggest expenditure and often get the least amount of attention. If employees were your building, would you always try to keep them shiny and new, in good repair and well taken care of? Probably. So, invest in your employees.
Unhappy employees will leave. A friend of mine quit a very good-paying job because she didn’t feel satisfied. She doesn’t have a lot of cash stashed away but she felt she had to leave. She loved everyone and they loved her–she just wasn’t happy. I started thinking–why not ask your employees how they feel about their jobs? Are they fulfilled? Maybe this isn’t something we think about but why wait until your best employee leaves and only then try and fix it?
As the world keeps changing both your business and your employees will have to change. It’s one thing to have an antiquated building and it’s another thing to have an antiquated employee. Give me the building anytime. It’s likely that many of your employees have additional responsibilities, but are they properly trained for them?
Lastly, reducing employee turnover is important. According to the Society of Human Resource Management, the average turnover cost of an $8 an hour employee is $3500. This is a pretty expensive $8 an hour employee. Spending $1000 a year per employee on training begins to look like a bargain.
Business owners have often said, “my employee isn’t that good but I never know what I’ll get.” My answer: you can always get another lousy employee. The trick is to get a good one.