Invest in Employees

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Are you investing in your employees?

Ken Olsen's primary concern about customers an...
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I’m not talking about how much you are paying them, although paying them properly is extremely important. I’m talking about investing time and resources into one of your most valuable assets. Investing in your employees may seem time consuming and expensive on the front end, but will pay dividends in productivity.

Here’s some ways you can make that investment:

  1. Tools. Investing in tools may involve purchasing the latest technology, whether it is a piece of manufacturing equipment or the latest computer technology. It may involve making sure your equipment is promptly and appropriately maintained.
  2. Training. Investments in training typically involve teaching your employee the latest techniques related to their position or the use of equipment to do their job. I believe that an investment in training should also involve improving the individual. This may take the form of a personal finance class (outside of work or at your facilities), a Bible study or daily devotional time. Employees of strong moral character and who possess financial peace are better, more loyal, long-term employees.
  3. Retirement. If you set aside funds for the purpose of retirement for your latter years, then an equivalent amount of money should be made available to those under your watch. In fact, most employees probably have a greater need for supplemental funds in their older years because they don’t have as much income-earning ability as their employers in their earlier years.
  4. Time. Spend time getting to know your employees. If you haven’t already, I encourage you to implement weekly reports from each employee. These reports should be turned in to their supervisor (the supervisors reports should flow up the ladder as well) and should provide an opportunity for the employee to share their highs and lows of the week (word related or not). Each of these reports should be read and followed up. This is a great way to find out if anything is affecting the employee’s work and life. Holding social gatherings, such as occasional pot-luck lunches or pizza parties, are also a great way to spend time getting to know your employees.

In EntreLeadership training, Dave Ramsey recommends creating a “Team Building” account. Larry Burkett refers to this account as a Benevolence account. A portion of the company’s monthly profits would be allocated and set aside for building and strengthening your team. This Team Building account would be used to invest in your employees by helping out when your team member has financial trouble, an illness, or a death in the family. Imagine how your employee would feel if you had the funds set aside to purchase round-trip airfare for them to return home for a love-one’s funeral.

Investing in your employees is essential for business prosperity. If you would like to know more about developing a Team Building account and investing in your employees, or if you want to learn how a part-time, virtual CFO can help transform your business by using the Bible as our guide, email me at info@commonsensecfo.com or call Kirk at 402-658-7340.

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Communication is the Lifeblood

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According to a survey of business owners and corporate CEOs, ineffective communication is the number-one problem in business. Steven K. Scott, in his book The Richest Man Who Ever Lived, calls communication “The Key That Opens Any Door”. Solomon, who is also known as the wisest man who ever lived, had much to say about communication. He knew that what we say, and how we say it, can have a life-changing impact on others. Here’s some of what Solomon knew:

  • Your communication can extinguish anger or escalate it. Proverbs 15:1 (NCV) A gentle answer will calm a person’s anger, but an unkind answer will cause more anger.
  • Your communication can wound others or heal them. Proverbs 12:18 (NLT) Some people make cutting remarks, but the words of the wise bring healing.
  • Your communication can infuse life into a person’s spirit. Proverbs 15:4a (KJV) A wholesome tongue is a tree of life.
  • Your communication can save a life or take a life. Proverbs 18:21 (NKJV) Death and life are in the power of the tongue, And those who love it will eat its fruit.
  • Your communication can bring delight to others. Proverbs 25:11 (NCV) The right word spoken at the right time is as beautiful as gold apples in a silver bowl.

Solomon’s keys to communication seem like common sense at first glance, but I believe they are anything but common today.

  • Speak in such a way that you make others want to listen. Proverbs 15:2 (NKJV) The tongue of the wise uses knowledge rightly, But the mouth of fools pours forth foolishness.
  • Learn to speak persuasively. Proverbs 16:23 (NASB) The heart of the wise instructs his mouth And adds persuasiveness to his lips.
  • Listen before speaking. Proverbs 18:13 (NCV) Anyone who answers without listening is foolish and confused.
  • Be slow to speak and guard your words carefully. Proverbs 29:20 (NASB) Do you see a man who is hasty in his words? There is more hope for a fool than for him.
  • Never tear others down – rather, build them up. Proverbs 12:18
  • Stop while you’re ahead. Proverbs 10:19 (NLT) Too much talk leads to sin. Be sensible and keep your mouth shut.
  • Share genuine wisdom. Proverbs 10:31a (NASB) The mouth of the righteous flows with wisdom.
  • Always speak truthfully. Proverbs 10:18 (NKJV) Whoever hides hatred has lying lips, And whoever spreads slander is a fool.

Solomon promises three additional benefits for those that become effective and persuasive communicators.

  • Material (business) success. Proverbs 10:21a (KJV) The lips of the righteous feed many.
  • Joy and fulfillment. Proverbs 15:23 (NKJV) A man has joy by the answer of his mouth, And a word spoken in due season, how good it is!
  • Friendship. Proverbs 22:11 (NCV) Whoever loves pure thoughts and kind words will have even the king as a friend.

Effective communication is essential for business prosperity. If you would like more information about tangible ways to improve the communication in your business, or if you would like to learn how a part-time, virtual CFO can help transform your business using the Bible as our guide, email me at info@commonsensecfo.com or call Kirk at 402-658-7340.

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Hiring Tips

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Having quality employees is essential for business prosperity. Here are 10 things to consider to improve the quality of your employees:

  1. Proper hiring creates a good team. A good team lowers turnover. Lower turnover equates to more profit. Consider both the cost of lost productivity and reduced team morale.
  2. Team members typically leave or are let go most often because they never should have been hired in the first place. This is really a character issue.
  3. Take your time when filling positions. It is better to find “the right” hire rather than “the best” hire.
  4. When you are posting a position, give enough information for candidates to rule you out without wasting your time.
  5. Word your posting in such a way as to attract the personality and character traits you want.
  6. Look for a team member with a combination of opportunistic motivation and philosophical motivation.
  7. Never sell a “Job”. Always have an “Opportunity” available – work that matters.
  8. Set short initial interviews that are no longer than 30 minutes. Listen for 20 minutes and talk for only 10. God gave us 2 ears and 1 mouth – keep the listening to speaking ratio the same. Determine if the candidate is only looking for a paycheck. At this point, you’re weeding out those that are not a fit for your culture. Future interviews should be longer and more involved.
  9. If the candidate is preoccupied by benefits and compensation, you will never be able to do enough to keep them happy.
  10. The person hired properly will perform better, will not cause problems, and will be more likely to stay.

If you would like to learn about 12 Steps to a Proper Hire – that will lead you consistently to “the right hire”, or how a part-time, virtual CFO can help transform your business using the Bible as our guide, email me at commonsensecfo@yahoo.com or call Kirk at 402-658-7340.