“You’ve got to spend money to make money.” This is one of those tired old business clichés you hear trotted out now and then, and unfortunately, its overuse underscores the big picture: It’s actually true that you simply can’t run an effective business without some outlay.
One critical area a business must invest in is its employees, and it’s not just about providing good benefits and a living wage. An employer must also ensure employees are engaged in their job:
So what can you do to invest in your employees?
- Provide ongoing feedback to help employees always improve – and don’t just highlight the bad. Give praise when it’s due.
- Ensure they are appropriately trained, both after hiring and when implementing any new procedures and processes.
- Give people the chance to make their own decisions when appropriate. Allowing employees to work autonomously empowers and engages them.
- Implement an employee appreciation program to create a culture unique to your company.
- Encourage open communication regarding company policies and practices, including how day-to-day operations run – this helps employees feel like they are an integral part of the business, and they might pinpoint inefficiencies that aren’t visible to the people at the top.
Consider, for example, GPS vehicle tracking. This tool, like every technology, requires an initial investment, but the benefits you get back – including greater visibility into operations, lower fuel costs, more jobs filled daily and greater customer satisfaction – more than pay for its cost.
You simply can’t run an effective business without investing in both good people and tools that create efficiencies. If you skimp on either one of these, your business will suffer – but for maximum benefit, combine both, mix well, and call us in the morning.