Think about pay and staffing

Current inflation is changing the business world. It is driving up costs of doing business through the cost of goods, transportation and labor. Small businesses are feeling this squeeze more so than Fortune 500’s because they have less cash on hand and less access to large loans. This presents both a challenge and an opportunity. 

Cost of living salary increases are largely not happening at big corporations. The regular 3-5% raises are the usual this year at big multinational corporations but that is not enough for people to maintain their lifestyle and save for the future. Now is an interesting time for a small business owner to think about recruiting and being aggressive with money. There is an opportunity now to recruit talented people away from the corporate world. People who have spent 10, 15, even 20 years in that environment are now frustrated and open to a change. That frustration may be over money but it may also be over “red tape” and the drum beat of wokeness and Covid rules that have made their jobs miserable. They will bring a level of organizational knowledge to your team that can make it possible to not only standardize, but to expand. 

Many small businesses do not prioritize organization or hierarchy. That is a good thing at the beginning but at some point every small business must standardize in order to grow. People are the drivers of business and when you add more people to your team, they need to know what the business is about. At some point the owner/manager/leader cannot interact directly with every new person coming in. Having consistent communication and training is necessary to growth. People who have spent decades in business working in large companies have the institutional knowledge and skills to pass on that organizational knowledge. This is a valuable skill set to add to a small but growing organization. 

Be a pirate. If your business is doing well and you are ready to level up, grab some talent. Sell people on your business model and show them a path to make more money, be more successful, take leadership roles and grow in their personal and professional life. 

Despite the squeeze many of us are feeling, now looks like the time to make bold moves and grow. Do you need to add consistency and documentation to your business to support that growth? The answer is probably yes.