The life of an entrepreneur is a difficult one. No one listens to your ideas, everyone thinks you’re crazy to try something new, and people will always put you down and stomp on your dreams like they’re the ramblings of a madman or a rosy-eyed child. Sadly, nothing is going to change with how the industry perceives newcomers, and can you really blame them?
With over 90% of startups failing on a regular basis, it’s costing the industry a lot of money, it’s making people lose their jobs and live unstable lives, and it’s creating a massive problem with the economy. Failed businesses aren’t good for anyone, not even the entrepreneur themselves. Sure, it does take a bit of trial and error before you’ve got the right business formula down, but if you consistently fail and your business collapses, then how could you possibly call yourself a successful business owner?
Thankfully, there are occasions where your business will succeed, and it’s usually because you’ve got a steady workforce behind you keeping you motivated. They are, after all, in your care, and you’re going to need to do everything you can to secure their loyalty and make them long-term members of your business.
With these loyal employees, it pays to reward them now and then and show them your gratitude, but it’s often difficult finding the correct words to say. If they’ve been with you for a long time, then chances are money isn’t going to make them any happier or more likely to stay with you. To help you out, here are a couple of suggestions on how you can take proper care of your loyal employees that have stuck around since the beginning.
Ensure their other commitments are handled
Employees aren’t mindless souls that work for you and do nothing else, so treat your loyal employees now and then. Whether it’s something simple like treating them and their family to a meal or helping them with their life insurance, there are plenty of ways to show them that you care about their situation and want the best for them. Relate to your employees and understand that they have lives outside of the workplace, because if you fail to bridge these gaps then you’re going to feel like a boss that can’t trust their employees. A loyal employee should be rewarded and you should give them chances to relax and indulge, but also create a working environment that allows them to flourish, grow and focus on their job, hence why it’s important to help them with any other commitments they have outside of work.
Give them a chance to climb the career ladder
Your employees ultimately want to feel a sense of purpose in your business. They don’t want to feel like they’re just pushing papers or taking notes all day, and they don’t want to feel like they can easily be replaced if they start to get lazy due to how boring or easy the work is. Give your employees a challenge so you can prepare them to advance their careers. Don’t stagnate their growth by giving them boring and repetitive tasks that become stale after a few days. Challenge them to give suggestions, be more assertive and do something new that could promote your business further. Always be open to suggestions and always give your loyal and hardworking employees a chance to grow and spread their wings.
Know when to let your employees go
This is a rather bittersweet subject, but there are times when the relationship you have with an employee needs to extend past your business. Talent should never be held back, especially if they’re showing promise in other fields. A talented designer, for instance, will always look for ways to improve their craft by working with more clients in order to gather experience. If you hold them back by promising them more and more benefits or coaxing them to stay with money, then not only do you force that employee to stay, but you also hinder their growth. There are times when you need to let employees go, no matter how painful it is. This seems completely counter intuitive, but it also makes sense from a business perspective. When talent is exhausted in your business, new talent needs to come and replace them to breathe fresh ideas into your business. This cycle is ultimately what will give your company a competitive edge over others, and it’s the only way to introduce new and wonderful ideas that can grow your business to new heights.