Sustaining Employee Morale

If you have grown your company to the point of having employees and you have made good hiring decisions, you will want to keep them.  Employee turnover is expensive due to the time required to advertise, hire, and train new employees.   For most people to stay in a job, they have to feel valued and a sense of accomplishment.  The value can be monetary – you are paying them well for the job they are performing or it can be a combination of decent pay along with other incentives such as sincere praise, a sense of self-worth, or other perquisites.   As mentioned in another posting, it is part of building and maintaining important relationships; although this time, the relationships are between the employer and employee.

Years ago, Rock Hill Printing and Finishing Company (aka The Bleachery) was a big employer in the area.  Each year to show appreciation for their employees, The Bleachery held an event they called the Bleachery Christmas Tree.  According to an archived Herald article, Rock Hill Printing and Finishing started holding the event in 1944 for the five thousand children of their employees. They gave age-appropriate, inexpensive toys to the children of their employees.  It was an exciting event for the employees and their children.   I know because I was one of those children in the 1960’s who lined up to go down the row with my bag to get my toys.  The Bleachery would play popular Christmas music (Rudolph the Red-Nosed Reindeer, Here Comes Santa Claus, etc.) through speakers for the crowds.  Santa was on hand for the children to see as well.

In this example, the employer showed appreciation for their workers and help them feel satisfied with their job.  While this example may be extreme, many employers continue to provide bonuses, parties, and other incentives during the holiday season to show appreciation for their employees and help to recommit them to their work.  What perks do you give your employees or does your employer give you?

 

Lifestyle Business Versus Entrepreneurial Start Up

Sometimes people ask about the difference between a small business owner and an entrepreneur.  The truth is that there may be no difference at all.  On the other hand there may be a big difference between a lifestyle business, sometimes called a "Mom and Pop" business, from an entrepreneurial start-up.  In a lifestyle business, a person decides to go out on her own to earn a living but really isn't interested in hiring more than a few employees, if any, to expand the business.  She just wants to earn enough money to make her life comfortable, generally serve the local market, and may provide her with some flexibility.  Painters, roofers, hair stylists,and consultants often fall into this category.

The entrepreneur starts small too but is innovative and has a vision for expanding the business, finding financing, and hiring as many employees as needed to provide goods or services to her market. The market may be regional, national, or global. Therefore, the chief distinguishing characteristic is one of scale. An entrepreneur tends to be a visionary risk taker. If the business fails, she will often regroup and try again.  A person who starts more than one business in her lifetime may be called a serial entrepreneur. 

Either way, we need both types of business to grow our communities.

Getting to Know You

“It’s all about relationships.”  That almost became a mantra at a church revival a few years back.  Although we laughed at the time about hearing it over and over that week, it did make sense, and I often think of it.  That message is also the focus of Jeffrey Gitomer’s oldie but goodie, The Little Black Book of Connections.  In the book Gitomer explains that it is much more important to develop relationships (get to know them) with people with whom you want to conduct business than just to introduce one’s self and hand out a business card.  After you get to know the person, determine how you can add value to that person’s life.  Once you have established a true level of friendship, the referrals and business connections automatically flow. Gitomer does warn that one should be sincere in developing those relationships.  Most people, except possibly the most naïve, can spot a phony a mile away!

Likewise, Jan Vermeirin author of How to REALLY use LinkedIn, suggests that you should connect and make recommendations for others that you know and like.  She uses something like an analogy of a neighbor who needed her house painted.  If you knew and liked a reputable painter, you would likely make a referral.  So, the same rule of thumb should be applied to your referrals in LinkedIn. Be careful who you recommend because your credibility is “linked” to that referral.

A few years ago, a dear friend retired.  He found and sent out a Powerpoint presentation about the dash on one’s footstone to those of us with whom he had worked and developed strong working relationships.  The little dash separates the date of birth and the date of death.  The point of the presentation was that the dash represents the years of a person’s life and all the relationships that have been developed over that time period.  He was thanking us for being a part of his dash.  OK, it may be a bit sappy, but it was also true.  We have one life to live, on this Earth, regardless of whether we are working or not.  The good relationships that we build enrich our lives.  A side effect is that they may also be beneficial to us professionally.  So, be real and develop relationships that matter. 

I value your thoughts and comments.

 

 

Double Start-up

You know that feeling you get when you are getting ready to leave on a great vacation?  You have great expectations about the fun and adventure of the days ahead. You are in a good frame of mind, happy, and ready to go. Starting a new company seems similar to that feeling, at least based on my observation of the owners of two new start-ups that I am working with right now.  Their enthusiasm is almost touchable.

The funny thing is that I can relate because I am involved in starting an incubator and cowork space to support these start-ups.  The whole venture is exhilerating as we work through the details, conduct interest sessions, talk with potential start-ups, and share the news with others.  We are building mutual enthusiasm as we talk.  We all know that there's a risk involved.  We know that no matter how carefully we plan, it is very likely that the reality may be a bit different from what we anticipate, but we are ok with that.  We can adapt. 

The beauty of this initiative is that we are partnering with Rock Hill Economic Development Corporation and some private companies to put together these support structures for new businesses.  It's an exciting time in Old Town, South Carolina.