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Rewarding Employees & Giving Back to Your Local Community
- Small business owners are advised to budget monthly for rewards and employee perks to prevent holiday cash flow issues and ensure readiness as the industry moves into 2017.
- Strategic hiring of temporary help, establishing on-site gift wrapping stations, and offering flexible work arrangements are projected to enhance employee satisfaction, reduce real estate costs, and increase productivity.
- A shift toward mission-driven cultures is expected to attract and retain Millennial and Gen Z talent, with 67% of entrepreneurs already supporting local charities according to the Bank of America 2016 report.
- Businesses are encouraged to commit to a specific charity or non-profit for the 12-month period to foster team building and leverage the reciprocal relationship where communities support local enterprises.
- Optimism among small business owners is forecasted to increase following the 2016 election uncertainty, with expectations of a more certain operational environment in 2017.
- To avoid stagnation in the new year, owners are directed to create new profit centers, develop fresh marketing schemes to reach new demographics, and revisit business plans to align with the new economy.
- Expanding relationships with existing major customers to generate referrals and embracing digital mobility to access a wider talent pool without geographic constraints are key growth strategies.
- Implementing these strategies is predicted to facilitate a successful holiday season and a prosperous 2017, provided owners also identify personal activities to prevent burnout.