See that interesting little video the other day and I want to share just a general idea of this video and it was—you know as time gets tough a lot of small businesses, mid size companies hacking these large ones. Start to make cutbacks and sometimes they use it really make dumb decision about how they’re going to save money. And so here with some really short lessons some really dumb ideas that business come up with when it’s time to save money and tough times.
So number one. Reducing costumer service. Men, I don’t know about you, but I just hate it when I call a company and I hear, “Your call is very important to us, please hold.” Look, after a few minutes of that, boom and if I can get the same products somewhere else I’m going to go whoever picks up the phone quickest.
So you don’t want to increase hold times and they have unhappy customers especially when you're frightened to give business.
Number two. Opinion poll is less. You cutting back there’s your cutting back on training. They get employees to a high turn over rates. There not retaining people. Your losing talent that way. Look, that is not the time to lose talent.
Number three. Promoting employee based on past success. It’s like I’ve known personally a great salesman, a wonderful salesman, one of big business that can stood well got promoted, put in-charge as a sales manager, failed miserably at it. He was not a manager at all. And so that is not indication that when somebody did on a certain task that they’re able to do a different task as well. So keep that in mind.
Not building a diversified work force. This is a big one okay. There’s been a lot of research to indicate when you have a diversified board of directors, employees and so forth you’ll get more information, you get more ideas sharing. You don’t have a bunch the bunch of clones if you will, rubber stamping the vision, the founder’s vision rather you’re giving this interesting dichotomy of thoughts and ideas. And research has shown the companies have a diverse workforce, with women, minorities they are more profitable. They have a higher return on investment. They are more profitable companies. So keep that in mind.
Don’t decide that look, “Hey were a talent men.” And here’s another thing. Too many companies when times get tough, “Look, you’re not always going to be a talent man.” Okay, the cool new company of the month or whatever that kind of comes goes. So you want to keep investing and recruiting in retention programs in your business especially through these tough times.
And I suggest don’t assume that at all and make sure that you’re retaining that talent get good talent, get good people to come work for you. Pay him fair. Pay him a good wage. And your income is going to grow and thrive rather than making some of these rather bad business ideas.
I just want to share that with everybody. I thought it was some good, good advice.
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