As we hit this year’s final stretch, it is imperative for your company to reassess the landscape of their business. The business world runs at a furious pace, the best of the best have the agility to change and repurpose their organizations to meet new demands and conditions on the horizon. Needless to say, your business is not the business it was 9-12 months ago in regards to employees, clients, and competitors. This is especially prominent in the framework of a small business wherein 3-4 new hires, a new customer, or a new competitor can drastically change a company for better...or worse.
Has there been any changes to State or Federal Laws that May Affect my Business?
Governance and Political Climate has historically been a major external factor faced by businesses. Regulations preventing impropriety and promoting fair play are continuously being designed and refined. If your policies have not been reviewed recently, there is a good chance that you are not in compliance, or you are exposing yourself to potential liabilities. We recommend taking the time to do a few google searches and inquiring with your local government office (updates are often posted on their website).
Are my Compensation Packages Competitive Enough to Maintain Top Talent?
Conventional wisdom suggests, “Pigs get fed, hogs get slaughtered.” If your business experienced unprecedented success, there is a good chance you have your internal talent to thank for it. Use this time to assess which employees were critical to your success (or failure) and adjust their compensation packages and job responsibilities accordingly. Please be advised, you can reward your employees with more than just money, try to be innovative
How Did I Measure my Progress Towards my Organizational Goals?
The first step is to make sure your company has organizational goals, your company must have a direction and purpose. These types of organizational goals are typically long term oriented and cannot be completed within a single year. Therefore, it is critical that you have some method to measure what progress you have made on your journey and a way to celebrate when milestones are met. Profit Growth, Client Acquisition, and Brand Recognition are all great ways to measure success and effectiveness.
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Michael Chiovitti, Chief Talent Strategist
Eden Resources, LLC