Simply put, your employees are the single greatest investment you can make in your business. No other lock, system, gate or do-dad that will make up for the actions of an engaged employee. The decision to invest in your employees will guide the direction of your company for years to come. The ironic fundamental issue is that while many business owners “get it”, very few actually do it.
While those numbers might seem shocking, take a moment and think of your own work history. Has your work always been unicorns and rainbows? What jobs have you had that were engaging, made you happy to come to work, or made you better? Once you start to think about it, those statistics make perfect sense.
As a young boy I often went camping in the mountains of Yellowstone National Park. Whenever we went camping there, I always lived by one motto, “leave it better than you found it.” That creed has followed me throughout the years and into my business life.
This doesn't come from free snacks or bring your dog to work days. It takes planning and hard work. While it may not be easy, the payoffs are more than worth it.
How do you create a more engaged employee? You can start by answering these questions:
If you need further convincing that investing in your employees is the right thing to do, consider this. On average, a company with engaged employees make 2.5% more than the industry average. Take your current NOI and multiply that by 2.5% and see if it's worth having an engaged group of employees.
As your employees read and report on these books, reward them with the recognition of their accomplishments and a reward. I would rather have a staff that have read a book by Steven R Covey, Liz Wiseman, or Charles Duhigg than have a staff who likes Taco Tuesday.
Of course, it is easier to order lunch or to do one simple gesture, however, ask yourself how engaged do you want your employees? My goal is to help people become better and as a result, my business will flourish. To me, it sounds like an endeavor worth pursuing.
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Decide wisely between SBA and traditional loans for your self-storage business. SBA offers lower down payments, but traditional loans provide lender reliability. Make informed investment choices for your storage facility.