Americans have become accustomed to a demoralizing malaise. What may prove more damaging to our nation’s future over the long run is the loss of faith in the enduring value of entrepreneurship.
When over half of the nation believes achieving the American Dream is hopelessly beyond their reach, this puts into question the notion of entrepreneurship as a viable means to achieving one’s goals. For Americans entrepreneurship requires a hefty measure of faith and belief in the economic system.
How we collectively view the nation’s economy is, in fact, what determines the economic course of the entire nation. When we doubt, we fail. This maxim applies both to the nation and to that individual entrepreneur struggling to start a viable business.
Here are three ways to fight the malaise in your business:
Internal operations: Over time slack enters the picture. Employees may find shortcuts that shortchange the company but benefit the worker. Workplace procedures should be reviewed once or twice a year to ensure that staff are producing high-quality work and are utilizing the most efficient means to accomplish the task.
Sales and marketing: Track incentives and performance for your marketing staff. It’s not a bad idea to do a once-a-year review of how your company’s incentives stack up against the competition. If the salary package is misaligned, it may be time for an adjustment. As the economy heats up and more Baby Boomers retire, we could see a shortage of highly qualified talent in the near term.
Customer service: When this area is neglected, the company’s reputation can take a dive. Conduct customer surveys and offer a small incentive to get that valuable feedback you otherwise may miss. Survey employees, too, through an annual customer service poll. That way you can track performance and keep tabs on how well your talent retention program is at retaining topnotch talent.