If we’ve learned anything from 2016, it’s that there’s plenty business can and must do to help protect themselves from events they could not have foreseen. To that end, it’s worth thinking about what we can do, as business people, to help keep our businesses afloat while the world goes on. Businesses won’t stay up because we want them to, but through hard work. We need to be able to handle what occurs and look out for dangers that might threaten their continued existence. Just as we care for any loved one, we must be mindful of what could pose a threat to businesses – 2016 shows us that many of the biggest dangers could come out of left field. To that end, let’s look at ways to protect our businesses from any possible dangers.
Look for bargains
We make our own success, but it also involves knowing where to find opportunities for that success to blossom. One clear way to make success into a reality rather than a dream is to find the best deals and bargains. For example, here is a detailed way one American finance writer managed to get an expensive electric car reduced in price. Instead of spending $35,000 on a brand-new electric car, he got it for under $14,000. Businesses must look at their financing options in terms of the best way to make the most out of a little – or, perhaps, how to get exorbitant prices reduced.
Nobody can predict the future, yet many make their money off selling their beliefs to businesses desperate for a path. These finance gurus tend to offer vague reasons for their predictions, forcing businesses down paths they would otherwise have never gone. Consider some of the worst financial predictions in history, by some of the smartest people in the world. For example, in 2010, entrepreneur Richard Branson warned that “the next five years will see us face another crunch – the oil crunch,” predicting a severe supply shortage. Of course, six years later, the price of oil is actually lower than it was then. Businesses must on the evidence they have, that will benefit themselves and shareholders, not the words of those who claim to have knowledge they could not possibly have. The smartest people in the world did not think Donald Trump would get elected or that Britain would leave the European Union – yet both of these large events occurred and have dramatically changed the landscape. How many businesses were prepared when these events occurred? How many were protected from the financial fallout? For example, did these companies have protection for their immigrant employees? Did they have proper health coverage (the repeal in America of the Affordable Care Act has left millions without healthcare, meaning they might not be able to work – a reduction in people able to suddenly work will have a massive impact on businesses and therefore the economy).
Business people must be more creative than ever, as they go forward. It’s using plant and machinery finance in clever ways to create more jobs, services and so on. It’s creating new advertising campaigns, drawing in younger people, getting active on social media. Creativity means standing out from others, an expression of individuality that draws people in so they want to work with us in various capacities. 2016 showed that creativity is key, especially in a world that is increasingly competitive.
Proper hiring and proper management
Our business is only as good as your least talented staff member. Hiring the best people must be at the top of our list of priorities. Businesses are made of teams, so if one person messes up, it falls sideways and upward. That is, it affects everyone, not just the work of the person who made a mistake. Competency must be paid for and rewarded, which means it is on us to treat our staff properly, doing what we can to retain them for as long as possible.
The longer someone works for us the better for everyone, since this establishes a long-standing dynamic that gives a measure of stability to the constant shifting market. For example, we could listen to various studies that indicate working from home has enormous benefits. Not only do people then feel more inclined to work for us, but their work improves, too. If our concern is that people need rigour and micromanagement in order to complete their work, the failure is ours not theirs – we should not be hiring people who can’t work when left by themselves. Otherwise we’re being teachers and watch dogs, not managers focused on production, ideas and so on. Implementing new strategies for the benefit of staff will go a long way to making a business better than it ever could be.
People are always looking for ways to stay employed after all and no one likes the sense of fear, when leaving. There’s no guarantee any job is forever and the lack of job security is one reason people tend to stay in position longer than before – after all, even advanced degrees are not guarantee we’ll be employed. Yet that shouldn’t stop us as business people putting effort into retaining the staff we do have.