A few days ago I was meeting with some clients and our conversation turned towards growth and how to manage it. I’ve seen so many companies grow and maintain or even increase their profits proportionate with their revenue. This is ideal! However, too many business owners only concentrate on top line growth and don’t pay attention to the “quality” of their growth or bottom line.
Have you ever thought about the impact of attrition on a business? Attrition comes from both clients and employees and both can have a tremendous impact on the bottom line…and not in a good way in most instances. In this month’s newsletter, we’ll hear from a FPC client who wrote an article on what losing clients cost his company, as well as an article that discusses the impact of employee attrition and a formula to calculate the actual costs associated with these types of losses. As you read both articles, I hope it will prompt you to think about your company and your own retention plans.
As a leader in your organization, are you taking action on every significant thought that comes to mind? Do you “know” something isn’t right, but just hope that it will resolve itself? If this sounds like you, you’re not alone. Tough decisions are difficult to act on. This month’s article discusses a great tool to help you move forward with those necessary decisions (the ones around your people, anyway). If you can learn to set your emotions aside (and this tool will help you do that), and remember that your decisions should be in the best interest of the company as a whole and not any individual, then it is far less difficult to make the correct and necessary decisions to make and keep your company healthy.
I recently saw an interview with the current SBA Administrator Maria Contreras Sweet. She was discussing how the current national unemployment rate is impacting small businesses. Ms. Sweet’s position is that two out of every three new jobs are created by small business, so the need to find talent is critical not only to the success of the small business community, but also to our national economy.