Investing in Your People.
Investing! No, not the stock market kind. The business kind; the people kind of investing. Upgrading and rebranding are great moves for a company. In fact, they are necessary. But you need to have the right timing, because if your employees aren’t feeling appreciated then moral can go down. And if moral goes down and you begin losing profit, then all those upgrades and the rebrand offers little to no value. The best investment you can make in your business is investing in your employees. Even if you’re self employed. (Who can run a business while they are sick, right?)
Ever watched an episode of ‘The Profit’? Highly recommended by the way! Each time The Profit, Marcus Lemonis, takes over a company or becomes an investor, he meets with the entire team of employees to explain the coming changes. What a fantastic investment! He communicates with the team that he is in charge, that their jobs are safe and what he plans to do to increase business profit. Everyone is then “in-the-know” about what’s going on and all of that confidence comes full circle. Again with the moral word; if each individual feels like they are part of the team and their leader has detailed how he/she plans to keep the business running, then moral increases and so do the profits.
If you’re not a “people person” it’s time to become one. That doesn’t mean being best friends with everyone (honestly, you can’t really do that and be CEO at the same time), but it does mean that you show your employees how much you appreciate them and that you invest in them via communication and other incentives. An extra vacation day for July sounds great, right?