It isn’t easy keeping a business afloat. Only 25% of businesses survive for longer than 15 years. Sometimes, it can be a lack of money flow that dooms a business, but it’s more often that a business owner simply doesn’t know what they’re doing wrong. To that end, here are some considerations you need to make in order to help your business flourish.
Improve Your Space
Is your workspace growing with your company? An uncomfortable office layout can severely alter employee productivity. One thing you can do to help your business is to keep an eye out for clues that your team is not happy with their workspace. If you notice your employees opting to work from home, or that they often choose not to bring clients into the office, those might be signs your workers aren’t happy with the space they have. That dissatisfaction with office space can also impact morale and employee retention rates. So, if you think an inadequate workspace is a problem, it’s important to address that.
The solution is clearly not the same for everyone. Depending on the size of your business and your team, you might find that you have too much space. Or it might be the case that you don’t have enough room to perform your daily tasks.
There are other considerations to think about as well. Maybe some of your employees need a quiet space to concentrate in an otherwise loud atmosphere. Some might want you to invest in a standing desk option for them. Other employees with motion issues might demand that you invest in elevator maintenance regularly to ensure that they’re able to traverse the entirety of the office. Listen to all feedback from your employees. As a business owner, you might need enough space to accommodate various types of workplace arrangements.
If it’s time to consider a change, contacting a commercial real estate company is probably the first call you should make. These real estate professionals can use their market knowledge to help you get the perfect building for your needs.
Heating and Cooling
One of the most stress-inducing conversations at work often involves that tiny box on the wall — the thermostat. Walk into any office and you’ll find people who think it’s too hot or too cold, but rarely anyone who considers it just right. Still, one way you can help your business is to keep a heating repair company on your rolodex in case problems arise. Even though everyone will never be comfortable, there is some guidance. The Occupational Health and Safety Administration recommends that the ideal range for temperature in the workplace is between 68 and 76 degrees. Do your best to find a happy medium. But it’s important to keep an eye on creative solutions employees might employ, such as the use of personal air conditioners or space heaters. These devices can use up a lot of power and cause electrical outlet malfunction.
Temperature problems, especially excessive heat, can not only lead to team member dissatisfaction but it can also cause possible problems with data storage if you use servers to store information. That could lead to even bigger issues, such as compromising client information. So if you’d like to help your business, it’s important to have HVAC contractors available for emergency situations. They’re also necessary for doing preventive work that could prevent meltdowns in the future. Most experts suggest that commercial HVAC air duct cleaning services should be done once a year.
Keeping it Clean
It is extremely important to have a commercial trash hauler if you want to help your business stay clear from attracting pests. If your business is a restaurant or involves generating a large amount of trash, this is an important consideration. This is especially true if your business is located in a hot climate, which can cause odor problems that can repel your employees — and potential customers. You can also avoid fines from your municipality by staying on top of trash disposal.
Trash pile-up isn’t the only thing that can lead to attracting pets. Raccoons, mice, rats, and other pests are regularly looking for the best, safe spot to have their babies in the spring and summer so be sure to have a pest control company at the ready for emergency situations. Having an abundance of pests around your property can also lead to health concerns that could deter customers.
Prepare for Emergencies
No matter how hard to work to help your business, there will always be an unforeseen circumstance that can sideline your efforts. As such, there are some services you want to keep at the ready.
For example, you need an electrician to help in case of outages. They can also help install additional lighting and installation of ceiling fans that involve complicated wiring.
You also want to have a plumbing contractor ready to help you. Problems such as leaks can happen at any time, but as a business, you want to ensure that you handle it quickly before it leads to other problems. Longterm water damage can lead to problems: you might have to invest in a roofing or a flooring contractor to replace a weakened area of your home.
If you want to help your business succeed on all fronts, you’ll think about hiring a quality law firm that can help you navigate unexpected legal challenges. It could be anything — lawsuits over damages involved with your product, or even where acquisitions are involved. Every LLC should have a reliable attorney to contact when the need arises.
Offer Competitive Benefits
If you want to help your business retain your employees, you also want to keep an eye on providing an attractive benefits package. Of course, one of the most important benefits to your employees will be medical benefits, especially for employees with families or chronic health conditions. You want to be sure to provide them with a plan that can help them cover expenses associated with standard yearly appointments, along with covering medical emergencies.
According to one survey, about 76% of hospitals interact with their patients through tele-health, so including options for digital health care is even more important. This is especially beneficial during the time of COVID-19 since many people don’t want to leave their home. It’s also important to provide good dental and vision plans that are competitive. Health benefits can be one of the most costly benefits to a company, however, so that’s when it becomes necessary to make common-sense decisions about using contractors when possible.
Another benefit that can attract high-quality employees is an employee education plan, where the employer covers all or a portion of an employee’s ongoing education. In the past, businesses have shied from providing this benefit due to the belief that an employee might simply take their newly acquired knowledge to another company, or even a competitor. But others have embraced it as a way to retain workers by encouraging them to apply for jobs that match their career aspirations without having to leave the company. Some companies also include a condition that if the employee leaves before a certain amount of time has passed, that they would have to reimburse the employer. This measure helps the company protect its investment.
It’s a good idea to do your best to protect employees from burnout by offering a generous vacation package. More and more businesses are opting to offer employees a certain number of paid time off days. Instead of offering a number of sick days and vacation days separately, paid time off policies allow the employee to use their days off however they’d like. From the employer’s perspective, this move eliminated the need that employees would feel to use up their sick days, even if they had to feign illness to do so. It encourages freer and more honest communication between the business owner and employee.
Another valuable benefit for employees is providing workers with access to discounts for various services, such as legal aid, mental health services, and even grocery shopping. This is where having a strong human resources team helps because sometimes, workers aren’t aware of these benefits. It can be a relief for them to realize that they can hire a financial advisor, for example, with a discount gained from their job.
Boost Your Online Game
If you run a business today, it’s essential to have an online presence. Most savvy business owners recognize this and understand that it’s important to take advantage of internet search engines to gain an edge on their competitors. As recently as 10 years ago, no one knew about search engine optimization but today, research has shown that 14 million small businesses are so aware of SEO that they’ve invested a portion of their budgets and sweat equity into it. Studies have also shown that when potential clients are searching online for a service, they do not often go beyond the first page of search results. That makes a successful SEO strategy a key aspect of helping your business thrive online. Having a digital marketing strategy team can definitely reap the benefits.
A good social media team is also instrumental, with almost everyone on at least one social media platform. Social media experts can help you determine which platforms are best for your business and how to use them. It’s important to customize the strategies, too, because each platform is not the same. Some focus on establishing business connections, while others rely heavily on strong photography. The worst thing you can do is take the same approach to different social media outlets. That’s why having at least one social media specialist can be pivotal to the success of your business.
Although there are ways to increase your profile online, it’s also necessary to use marketing and media relations to let your potential customers know more about you. Press releases are still well-utilized, although they often take on a shorter form to match the decreased attention span of the public. Your media relations team might also suggest that you employ the use of blog posts to help tell your company’s story. Advertising is also useful, although much of that ad money now goes to social media companies, because that is where they can find their clients.
Think About the Bottom Line
There are various expenses any business will have to cope with for essential services, and those costs tend to go up every year. One of those costs is associated with shipping. The rise of e-commerce has led to a huge increase in shipping prices across the board. According to this recent report, companies spent $1.5 trillion in shipping costs, and some have turned to services that help with freight pricing support. These firms help find the least expensive shipping options without sacrificing quality. It’s one of the best ways to help your business cope with an impact on the bottom line.
Another cost to consider is equipment upkeep. For example, having an office printer means regular maintenance and regularly purchasing new ink, toner, and other parts to keep it running. You need to think about whether it makes financial sense to maintain the printer you have or if it might be more cost-effective to get a new one if it will require less attention from your IT people.
If you don’t have a financial advisor, it’s highly recommended that you get one if you own a business. They can help you make sense of all your costs and how you can go about reducing them. It’s not enough to use accounting software to track your costs — you need to have someone who can help you analyze that data in a meaningful way. An advisor can also help you make sense of your business taxes each year.
Running a business is hard work, but there are proactive moves that you can make to increase your chances of success. The best thing that you can do to help your business is to stay on top of trends and business strategies that can help you save money and stay ahead of your competition. It’s also important to make sure you’re encouraging a positive work culture where employees feel comfortable and they’re in the best position to give you their best effort every day. Your team, after all, is a major key to your success. Another thing you should always do is to plan for emergencies and include this in your budget so that you’re prepared to protect your business through any event. These are actionable steps that can help you make the best decisions for your business.