Nobody likes to watch their employees go. For a start, recruiting a new employee is a costly business and can take a lot of time. But there’s also deeper problem behind each letter of resignation. Namely, it’s an indication that there might be something wrong with the way you are running the business. After all, employees who quit do so because they can see no other solution to their problems. Your company might be responsible for the increase in turnover rate by doing the following:
Stressful Budget Issues
It’s not uncommon for small companies that the business owner decides to manage the finances as a way of saving money. Unfortunately, unless you are experienced in bookkeeping and budgeting, you’d better work with an expert to get your business finances under control. Not setting a proper budget is indeed the number one mistake of small business owners.
While this might not occur for the entirety of the business activities, forgetting to prepare your budget for something as simple as the kitchen office can bite a significant hole in your profits at the end of the year. Additionally, business taxes are not as straightforward as you might have thought. Working with an accountant can save you tons of money on taxes – legally of course – and even help you to improve your cash flow strategies.
Not Taking The Workplace Seriously
From hanging cables to drafty windows, some startups and some companies don’t think that they can afford to invest in a better workplace. After all, with slow clash flows and a business to launch, it can be difficult to consider additional expenses. That’s a bad plan. Your team needs a safe and comfortable workplace to concentrate and be productive.
It doesn’t take much more than arranging for a health and safety consultancy by Peninsula Group to identify the key issues and work on improving these. In the end, a clear and safe place helps the mind to focus and work better. Additionally, your workplace needs to provide your staff with a kitchen area and a bathroom in addition to the usual desk and desk.
Bad Management Practice
If you’ve never managed a team in the past, mistakes are likely to happen. For a start, you need to accept that while you are ready to invest your time and energy in growing your business, you can’t expect your staff to want to work overtime like you. It’s your business, not theirs. It can be tricky as well to listen to other people’s opinions as a business owner. Additionally, the need to micromanage to make sure that everything goes as you’ve wanted can put off employees.
You can’t run a business without using the latest market tech trends. Deliberately choosing to build a website that isn’t accessible from a smartphone will not only reduce your chances of attracting new customers, it will also push employees to look for a company that offers the latest services to their audience. You can be sure as well that an online retail site that doesn’t support most of the common payment methods, from credit cards to Paypal, will struggle with profits and with keeping employees engaged.
Your employees are your most important asset. Taking care of them means running a smooth business that is in touch with the latest trends, from technology to tax management. If you don’t show your employees that they can trust your business, how do you expect clients to do it?