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Category - Management

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1
How To Turn Around High Employee Turnover
2
Operational Efficiency – The First Steps
3
6 Key Must-Haves In Your Business
4
Business Systems For Success
5
7 Things To Do When Your Business Is Struggling

How To Turn Around High Employee Turnover

Employee turnover can be one of the highest costs of any business when you take into account the cost of separation, recruitment, training, loss of knowledge and experience, transitional loss of productivity, and reduced workplace morale.

For a small business, these real and hidden costs can be seriously multiplied. In a small workforce, any small business employer can testify to the fact of how disruptive it can be if a key employee leaves, and it is not false to say that often if they are a popular co-worker, it can lead to further resignations.

In different industries the average “poor” turnover rate can be anything from 13% to 30% – that’s 13 to 30 people out of a hundred who leave your employment every year!

In a small business with a workforce of an average of 9 people, that’s 1 to 3 people leaving the business every year!

On the other hand, a settled workforce brings many benefits including the retention of corporate knowledge – and the fun of going to work!

How do you turn this around?

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Operational Efficiency – The First Steps

In my Small Business Owners Growth Guide, I identify the Six Business Success Factors.

In 40 years of working with small businesses, I have observed that all successful businesses do these 6 things well.

They are:-

  1. The Act of Leadership
  2. The Practice of Planning
  3. The Logic of Marketing
  4. The Pursuit of Customer Fulfilment
  5. The Attainment of Operational Efficiency
  6. The Mastery of Finance.

You can download my free Small Business Owners Growth Guide to the Six Business Success Factors here and “audit” your business to see how well developed they are in your business.

I’ve recently dealt with Leadership, Planning, Marketing and Customer Fulfilment in this blog, so this week I want to turn my attention to Operational Efficiency.

What do I mean by that?

I also want to set you a challenge that you can undertake over the next 5 days, taking just an hour a day to start your journey in Operational Efficiency.

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6 Key Must-Haves In Your Business

When you are starting a business, or even as you grow it from the start and enter into a steady period of consolidation and wish to review your performance, it is useful to take a step back from the nuts and bolts of starting or running your business and consider what makes up a business.

Sure, you must have (hopefully) a great product or service and you must have customers.

But what makes up a successful business? What are the key ingredients you must have?

I created Teik Oh Dot Com in order to help small business owners implement these key ingredients that together make up a successful business, to be the small business owner’s one place to go to in order to find the practical processes to improve their business and become successful. You can subscribe to get these free tools and resources delivered directly to you by clicking on this link and signing up.

Importantly, I believe that when you start your business, you need to focus on six key must-haves in your business to set you up for success.

So let’s dive into the 6 key must-haves in your business.

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Business Systems For Success

Every business, no matter how small, can only improve with the addition of clear, documented systems.

You may already have some systems in your business – perhaps how to file documents, or what paperwork to fill in, or how to use the computer system. Yet most small businesses grow their systems informally as they themselves grow and unfortunately many such systems are verbally passed on, remain in the mind of the founder, or variations are made by people as time passes.

What this or even worse, no systems end up as is a mess.

Whether you have or don’t have systems does this sound familiar?

  • Someone leaves and you have to spend a lot of time training a replacement
  • Employees do their jobs, but there’s always a holdup somewhere that has to wait for you to tell them what to do
  • Outcomes of work processes are unpredictable or inconsistent, depending on who is working on it
  • You can’t really leave your business for a vacation without being tied to email

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7 Things To Do When Your Business Is Struggling

While I am always positive, and in these blog posts and in my online courses I teach small business owners how to grow their businesses, it cannot be denied that we live in turbulent times.

Some industries are doing well. Some businesses are coping very well with the turbulence even if it affects their industry, perhaps they have learned how to batten down the hatches.

However, I’m sure some businesses are struggling. This can be caused by many things from a significant downturn in the industry you are in, to over-borrowing when times were good, and even perhaps to over-optimism or behaving as if everything was the same as before. What can you do if your business is struggling?

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