It seems to be every business’s goal. They want to be an employer of choice. They seek designation for it as if the term somehow makes them better than their competition. Some simply declare themselves as such while others pursue some local designation or one of the many “Best Places to work for <insert category here>.” What exactly is an employer of choice? Is it the right designation or focus for a business, or, is there a different way?
Our current struggles finding good people to perform the work we have is getting in the way of business success. New business is being declined, existing business is taking longer to perform and waste, and error is increasing. In short, the absence of a quality workforce is getting in the way of our productivity, profitability, and improving shareholder value. How can we fix our workforce shortage? What can we do to improve our workforce culture by turning it into a workforce culture of excellence?
As I say on the cover of my ebook about Business Exit planning, “It’s Inevitable, One Day You Will Leave Your Business.” That stark and indisputable reality will face every one of us who own a business. We cannot prevent it; we cannot slow it down, it will happen. However, what we can do is not only prepare for that, we can also help ensure that our personal needs are taken care of and that whatever legacy we want our business to have is considered and prepared for.
So What Do We Do?
Recessions are inevitable as they are a natural occurrence in the business cycle. Historically they happen, on average, every four years. With the recovery from the Great Recession that began in 2008 in its eighth-year, some are wondering if a recession in the United States is due to hit shortly.
According to CNBC, “The U.S. economy is on track for its next recession, according to a prominent research firm, but it’s not likely to be that severe.” Said Andrew Staples, director of the Economist Intelligence Unit for Southeast Asia, told “The Rundown.” Preparing your business for it will be a crucial part of surviving and even potentially thriving during it. So what can a business do to prepare?