As people ask themselves what is the best place they can invest money, when it comes to small business owners the answer is simple. In fact, it’s so simple that I always get puzzled when fellow small business owners ask me how to invest.
For eons the most expensive thing on small business rosters was the workforce. Hiring someone else for small business was always the hardest decision to make, and we never hire the candidate we wanted – often because we just can’t pay that much. These days, when economy is taking a nosedive, the best investment you can probably make is a new hire.
Just think – you probably would never be able to lure that worker into getting a job at your place if corporate sector would be doing so well. Think of all the perks and the stability of the paycheck and all that. Now you can change the tide and use it to your advantage.
Lure them with flexible schedules and casual attire. Allow working from home if possible – you can’t do that with a receptionist, but a bookkeeper or accountant or phone sales/customer service person is definitely not needed on the premises constantly. Think how you can let them cut costs on travel. Let them spend more time with their families then their corporate bosses who demand 60 to 70 hours work week in order just to keep their jobs. Think family atmosphere. Think thinking outside of the cubicle, box or even outside of the game rules. All that – without being reprimanded for not conforming to corporate culture that imposed by some CEO who’s already have been paid a year more then you will make per life.
Your advantage is speed and flexibility. Large corporations are like large trucks – they speed up slow. While they will be recovering from the current crisis you will have plenty of time to interview candidates and find that person who will become your next star. Wait a little longer and corporate world will start snatching these people back with their bonuses, corporate gym discounts and tuition payment. Your small business can’t compete there. Start earlier, so you won’t have to.