With constantly improving technology and 24/7 access to email, it may seem like your employees are always available to keep your business moving forward. But have you ever wondered if this might be putting too much pressure and stress on your employees? I have worked with many business owners throughout the years and the topic of employee retention seems to come up often.
Every employee will differ depending on what provides them the most happiness on the job, whether it’s compensation, benefits, or office perks; however, studies show that there are many benefits for firms that take measures to improve work-life balance, like increased productivity and greater recruiting abilities.
To implement positive change for both your employees and your company’s bottom line, I’d like to share with you a few tips to improve work-life balance in your organization:
- Set realistic project goals, and discuss them with employees. It’s important to discuss timelines with your employees before starting a task. Depending on their role, they may have competing project deadlines and making adjustments to their schedule could mean the difference between having to work overtime and spending time with their family.
- Offer flexibility. Giving your employees the option of adjusting their work hours or occasionally providing the option of working from home can make a huge difference to them. Providing variations in work hours that work best for them will allow your employees to be more focused, less stressed, and much more productive at work.
- Review your benefits package. It may be in your business’ best interest to offer group health benefits, or cover the cost of some medical expenses. While this may seem like a benefit reserved for larger companies, from an employee recruitment and retention perspective, offering benefits can serve as a unique competitive advantage. A well-structured benefits plan can offer security and peace of mind, and further motivate your employees, particularly if there is an issue affecting numerous employees.
There’s no denying that Canadians are career-driven and hard-working, but overworking your employees can lead to more harm than good for your business. But with a great work-life balance, your employees will be happy, motivated, and productive in their jobs. If you’d like more advice on how to improve your company’s bottom line, check out how TAB can help!
In my 30 plus years of working with a variety of business owners, their vision, drive and entrepreneurial spirit never ceases to amaze me!
When working in a consultancy business, owners often work up to 100 hours a week in a busy season or during a huge campaign, but when summer comes, or tax season is over, or whatever the reason they are hit with a slower period, resulting in decreased revenues. These business owners share with me how they are looking forward to the next juicy new client, business acquisition, or new advancement in their industry to boost their monthly revenues and increase growth.
I have shared with many of my clients that run their own consulting business that they might be interested in leveraging their expertise and owning a TAB franchise. This would be a complementary business to your current business that will provide recurring revenues, and give you an opportunity to help other businesses grow.
As a TAB franchise owner, you can create a new revenue stream while keeping your existing business. A TAB facilitator is a franchise owner, who runs their own TAB boards and provides business coaching to business owners. However, this does not mean selling your business and buying a new one, it means owning a new complementary business that will provide recurring monthly revenues and new growth opportunities for your current business.
For example, if you are an accountant and run a small accounting firm, and now are also a TAB facilitator, you can see revenue growth in your current business if your TAB members (business owners) need your accounting services as well. Although you cannot make them use your firm, or suggest that you are the only firm, the fact that you are already working with them and their business might go a long way when they are considering who to hire for their accounting needs.
Adding a new business to your existing business requires a lot of thinking, specifically about whether you have the fundamental operational aspects of your current business in place. You’ll need to look at whether you have a strong foundation in terms of staffing, operations and processes in place, because being a TAB facilitator will require you to be out of the office perhaps more than you already are, and you don’t want to sacrifice current business integrity or revenue for this new business venture.
As a business owner with vision and growth on your mind, you might want to consider becoming a TAB facilitator. It’s an opportunity to do what you love, make a real difference with others, leverage your expertise and receive recurring revenues. Contact me to discuss how to get started.
I’ve seen it time and time again, business owners, whether they own an accounting, engineering firm, marketing agency or IT company, are left feeling vulnerable due to the feast and famine of income streams.
When I meet with business owners they share with me their concerns about their struggle for consistent revenues; one month the financials look great, but next month, they are not on target and they begin to stress about making enough income to cover their expenses. Sometimes this cycle is endless and it can take a toll on the many business owners striving for income predictability and growth.
When a business experiences the feast or famine scenario, things like hiring staff for a project today in hopes that there is work for them tomorrow can result in more stress and pressure on the owner to bring in more business.
Owning a business can be one of the most rewarding experiences, but so often business owners are conflicted with decisions about hiring the right staff, committing to paying rent for the appropriate space, investing in office equipment and technology, not to mention marketing. Without consistent and predictable revenue it is hard to make long term plans that will allow owners of professional services businesses to accomplish their goals.
If you are interested in learning about a professional business that will put an end to this feast or famine scenario but still give you the freedom to own a business, check out this website or simply contact me to discuss your situation.
The Customer Relationship Management industry (CRM) has exploded. It’s estimated that 91% of business with more than 11 employees now use a CRM system. CRM is a term that refers to the strategies, technology, and practices that companies incorporate into their business to manage and analyze customer interactions and data. However, many businesses are not realizing the full benefits of CRM because they’re entirely focused on the data and ignore the human side of CRM. The data will tell you how to manage customers, but not how to build relationships with them. Computers don’t build relationships; people do.
In today’s highly competitive marketplace, the success of your business depends upon delivering customer-focused experiences and processes. I have outlined below a few tips I’d recommend for staying focused on the human side of CRM.
Don’t overlook the human side of CRM
“Helping is the new selling” are the latest buzzwords being bantered around these days. It speaks to relationships and a service-oriented mindset. Although CRM has the potential to provide deep insight into both individual clients and general trends, it’s imperative that you connect and engage with your customers in a meaningful way or you diminish the value of your CRM system. No amount of data can provide the human touch.
Implementing a CRM system doesn’t automatically deliver results
Databases full of client information are the basis on which to improve customer engagement, but never lose sight of the relationship-side of technology. The success of your business depends on the human element.
This is crucial in any industry. Your sales team are the ones that can help your organization achieve its revenue goals. The human interaction between your salespeople and your customers is what will ultimately differentiate you from your competition, and bring them back again.
This skill is highly underrated. Do your sales people listen? Do they understand what your customers value? Can they educate and inform? Can they close the deal?
In order for CRM to deliver on its promise, ensure that the data and the human element are fully integrated.
Want more advice on how to get the most out of your CRM system, or general advice from other business owners like you? Find out if a TAB Board is right for you.
As a business owner, you know how important it is to keep things fresh and innovative in your workplace, but when making changes, you’ll need to consider how your plans might impact your employees.
If you are in the process of job redesign where employees are assigned new roles that play into their strengths and contribute to a more successful business, these changes can be stressful to your employees. If someone has been hired for a particular job and then he or she is suddenly expected to perform a different role in the organization, tension and stress can result.
A recent report found that 46% of 1,018 Canadian employees recently surveyed had taken time off work or noticed other employees taking sick leave following workplace changes, a common symptom of a stressed-out workplace.
I’ve outlined below a few tips on how you can shift roles in your organization without contributing to employee stress:
- Share your vision.
Why are you doing this? What is this change going to accomplish for your organization? Sharing this vision with employees will allow them to understand exactly why this is happening, and help them find their part in it.
- Keep the lines of communication open in regards to role change.
Ask employees how they feel they can contribute to a new role and encourage conversation. By doing this, you can evaluate each employee’s strengths and weaknesses, while giving them an opportunity to work in a new role they would truly enjoy.
Make sure employees stay up to date as things begin to shift. For example, when you have made some final role decisions, send out an email to all staff informing them of the new structure. Keeping everyone in the know will ensure a smooth transition process.
- When your employees begin their new role, make sure they feel supported.
Assuming a new role can be challenging, especially if the employee doesn’t have a lot of previous experience in the position. Positive reinforcement can go a long way, as employees are less likely to experience stress when they report a positive and supportive workplace culture.
In today’s workplace, you need to keep things fresh, but maintain a balance against a backdrop of inclusiveness and communication. Learning how to handle change effectively is what will keep your team on the right path to growing your business.
How have you successfully restructured your business?
Every day, thousands of millennials are entering the workforce for the first time. Now, many small business owners are considering hiring these individuals and asking what they need to consider before they opt to hire them.
There is no denying that the millennial generation is much different than the generation of workers that has come before them. This means that as a small business owner, you’ll need to make some changes to your business culture in order to accommodate the very unique needs of this particular group.
I’ve outlined a few key items you might want to consider before hiring millennial workers to ensure success for both your company and your potential millennial hire.
Millennial workers, unlike any other generation before them, are keen on the idea of having office hours that suit their personal needs. How flexible are you willing to be with your office hours? When interviewing potential millennial candidates, ask about their work schedule expectations. If you run a business that can only accommodate the hours of 9am to 5pm, then you can expect a millennial may not find your opening suitable to them.
- Millennials want to be valued
Millennials need a great deal of validation from and communication with their supervisor/manager to let them know how they are doing, and to give them praise (preferably in a group setting) when they have done a good job. In the workplace, this may require more of your time and attention. They want to be noticed for their work and you will need to be available to give them ongoing feedback. Do you have the time to provide them with ongoing feedback and praise? If not, a millennial may not feel valued in your office.
- Company Culture
Millennial workers are expecting an inclusive and exciting company culture that promotes social relationships and fosters innovation. If you have other millennial staff, or see your company hosting social nights or team-building activities, a millennial might fit in well. Their need to work and collaborate with a team is key to their success. Is your office made up of employees aged 45+? If so, a millennial worker might feel like an outsider and have trouble fitting in.
There is no doubt this new generation of workers are the future of business, and they have so much to offer, but we need to learn how to accommodate their needs if we are to add them to our workforce.
For many small business owners, the idea of group health benefits is not even on their radar. Many would rationalize this as a “large company” benefit and too expensive for a small business. However, with the ever-present issues of employee recruitment and retention, employee benefits, from a small business perspective, is not a human resources issue, but rather a business decision worth considering.
As a business owner, it’s ultimately your decision if you want to offer group health benefits or other benefits to your employees, but I’ve outlined a few key questions you might want to consider when reviewing benefits for your employees.
- Is this part of an employee recruitment/retention strategy? Employee group benefits have become a standard part of an employee contract for most mid- to large-sized businesses as they can make potential and current employees feel they are valued and taken care. It can therefore play a key role in the decision-making process when candidates are deciding to work with or stay with you versus your competition. By offering groups benefits, are you evening the playing field in this regard?
- What is the demographic makeup of your employees? Take a look at the make-up of your employees: if they are mostly single, or millennials, they might be less likely to need or want health benefits. However, if they are older, with spouses and dependents, they may want, or even need a group benefits package. You may also want to consider the type of industry you are in; an office environment with full-time staff might have very different expectations than a construction company with seasonal, part-time, or contract staff.
- Can you afford this benefit? Group benefits can be costly to a small business, amounting to thousands of dollars per employee per year. How do you rationalize this benefit against potential pay increases, bonuses, etc.? Look at your bottom line, and specifically your recruitment costs and what you perceive as the “benefit” to offering this benefit to your employees.
- How can you define a benefit? In a smaller company with only a handful of employees, you may want to consider offering a benefit, but not a group health benefit plan. I have heard of several business owners who offer employees an annual lump sum cheque to cover medical or dental benefits or have their employees submit receipts for medical or dental expenses that are then paid for by the owner.
- What do they want? Decide on a couple of scenarios that you can afford and logistically implement and then speak to your team and get their opinions on group benefits packages vs. other benefits options. You may find that some employees want a benefits plan, or your employees would prefer to have a small cheque made out to them to cover medical expenses, or they may come up with an entirely different type of benefit.
The point of this exercise is to decide as business owners how you can show your current employees and future employees that your company is one that values employees by offering them what is valuable to them in terms of a benefit.
As a small business owner, have you ever considered offering benefits to your employees and if so, what type of benefits? What has the response been like?