A worker shortage might be excellent news for the economy! Maybe, just maybe, firms will awake and see workers’ substantial contribution to their success. Some CEOs take unconscionable sums and destroy their firm’s value, unlike many frontline workers who create value. During the pandemic, CEOs took vast sums as they laid-off workers. Some firms sought bankruptcy protection, but hat didn’t stop their greedy CEOs from snatching hefty bonuses.

We have a worker shortage and firms are scrambling to hire whomever is willing. Some firms, like McDonalds have paid signing bonuses. Canada’s Loblaw and its competitors paid a bonus to frontline workers when the pandemic began. They stopped it after three months in unison with their competitors. When government confronted them about this collusion, they claimed it happened independently. Go figure! It’s like you caught your three-year-old with her hand in the cookie jar and she said, Mom, “Cookie Monster did it!”

Worker Shortage Inevitable With Shoddy Treatment

Loblaw’s behavior disturbs me. During the bonus period, profits soared. Per se, that’s no problem. I favor firms making profits. To be sure, I am against government taxing profits. But paying workers the bonus during the pandemic shouldn’t hinge on profits. It was just right. Meanwhile, my wife and I shopped at a Loblaw store and workers continued their excellent service despite Loblaw’s slight.

Leaders must realize frontline workers are the firm’s foundation and treat them well, not as cogs turning out CEOs bonuses! When employers treat workers like machines, they disengage. Gallup said, over several decades, they and other researchers found a strong link between employees’ workplace engagement and the company’s overall performance. Yet employers refuse to accept this. But there is good news: surveys show some firms break the mold and treat workers with respect: Cisco, Apple, Accenture, IBM, FedEx are a few.

Next Quarter’s Earnings Drives Businesses

Companies see next quarter as the prize, so they exploit workers and fudge next quarter’s numbers. I repeat: I am against government taxing business. However, I favor the Biden Build Back Better provision to tax share buybacks that the House passed, and it is before the Senate, even if it might have only a modest effect on share buybacks. Companies shouldn’t be spending billions buying back shares while exploiting workers.

Firms should present to shareholder meetings options to use buyback funds. Choices might include effects of paying bonuses to frontline workers with buyback funds. Shareholders should hear about potential strategic investments, too. Another option is stopping buy-backs for five years after layoffs. Executives, too, shouldn’t get bonuses within five years of layoffs. We must get rid of worker exploitation that enhances CEO bonuses.

A lot of people can surely agree that planning is a very important, if not the most important, part of any endeavor. Entire kingdoms of old and new have gone down due to lack of or ineffective planning. Entrepreneurs know this and that’s why drawing up an effective business plan takes at least an entire semester in business school.Online business plans are just as important and therefore should be studied and prepared thoroughly.

So why exactly should online business plans be prepared? They are going to be very useful as they will define your goals and objectives through appropriate information and analysis. Once you have a business plan, you will have an anchor you can come back to whenever you feel distracted or have strayed from your original vision. It will also be useful as a selling tool when dealing with key relationships such as with lenders, banks, and investors. It can uncover weaknesses and omissions in the planning process you undergo. It can be used to solicit advice and opinions from people, especially those in your target field of business. Input from those who have already gone some ways in the online business field will be invaluable to you, and you will have your online business plan to show those experts so they can study it and draw up conclusions and appropriate advice afterward.

How should your online business plan look like? It should be formatted in a way that all factors essential to your business purpose are systematically assessed. First, there must be a mission and vision statement, which may seem trivial but, as aforementioned, will anchor you during the whole process of maintaining your online business.

Second, you should include the people involved. Not to make your ego inflate, but you will be a key ingredient here. Consider all your prior experiences which may be applicable to your new online business. Study your resume and that of anyone else who will be involved, such as your partner(s). Be factual and completely objective as this section will be particularly focused on by anyone with whom you’ll be having relationships from potential investors to vendors.

Third, your business profile should be written. This will be the definition of your intended business and how you plan to execute it all exactly. If you envision serving a specialized market, indicate so.

Fourth is an economic assessment, which is an evaluation of the economic environment your business will be a part of. Demographics will be included here. In relation to that, the fifth portion is your cash flow assessment. Draw up a one-year cash flow which will cover your capital requirements. Write what potential problems you may encounter financially and how you plan to address them. Sixth, will be your marketing and expansion plans.

In a series of articles found on EzineArticles.com, I wrote that just as a house has to have ‘good bones’ to withstand the forces of time and nature, so should our businesses and practices. The two components that make up the good bones of a business/practice are: 1) the Foundation which is created from the right mindset, the right support system and the application of timeless success principles; 2) the Structure which is made up of the right actions that need to be taken for your business.Once your foundation is secure…with a mindset that pushes you past your self-limiting beliefs, coaches and mentors that support and guide you and the ongoing study and application of success principles…it’s time to build and strengthen the structure of your small business or practice by taking action in four ways:1. Define It – Discover Your Uniqueness and Create Your Brand; Create the Platform from Which You’ll Take Your Message Out to the World2. Market It – Identify Your Target Market/Ideal Client; Develop and Sustain a Relationship with Your Target Market/Ideal Client3. Fuel It – Generate Leads; Keep Your Pipeline Full4. Leverage It – Networking and Social Networking; Create Joint Venture Opportunities; Have Products and Services that Create Residual and Leveraged IncomeIn Part One of this series, I’ll examine defining your small business or practice by discovering your uniqueness and creating your brand.Discover Your UniquenessIf I were to ask you what’s unique about your business or practice…what would you say? Chances are you would give some features of your business. Some examples of features would be:
Our hair salon/spa has a team of highly trained experts who keep up to date on the trends.
We have a newsletter that highlights specials and gives hair, skin and makeup tips.
We offer complimentary beverages.
We offer product lines that are industry leaders.
We use a cutting-edge software program that keeps track of the products customers buy, sets appointments for a year in advance and keeps track of client birthdays to send out special promotions for their birthday month.
But what makes your business unique comes from a deeper exploration than these surface appearances. It’s the benefits you offer – not the features – that make you unique. It’s important to dig deep and explore all the benefits that come from doing business with you. Some examples of benefits would be:
Clients leave our salon/spa feeling rejuvenated and confident in their appearance.
Clients always leave feeling valued, appreciated and pampered.
Clients don’t have to spend time researching what the best hair, skin and cosmetic product lines are – we’ve done it for them and have these products available for them to browse and sample in our beautiful surroundings.
Because of the information we regularly provide, clients always stay on top of the trends to keep them looking their most radiant.
Here’s an exercise to try to get you in touch with your uniqueness. List as many benefits you can think of that your customers or clients receive by doing business with you. Think as extravagantly as you can, don’t hold back, and don’t be shy about tooting your own horn.Create Your BrandWhat makes people care about your business is how well you satisfy their wants and how you make them feel in the process. This experience is a fundamental part of creating your brand.What is a brand? First, here’s what it’s not…your logo, your tag line, your identity package (business card, brochure, and letterhead), or your website. It’s not your products or services. It’s not your niche. It’s not your marketing or your advertising. (But your brand should come through in everything you do….in your products, your services, your identity package, your website and in your marketing.)Brand consists of two components…what customers/clients experience when they have contact with your business or practice and how customers/clients feel after they buy or use your products or services. Examine any well-known brands and see if you can identify your experience with them, what your perceptions are and how you feel after doing business with them.Customers respond to integrity and authenticity. It’s up to you to provide the consistent opportunities for them to have this experience and perception of you.Branding is for every business no matter what its size. Having a brand not only gives you a competitive edge, it positions you as a leader. Going through the branding process helps you experience your company on a whole new level. It takes time and thought to delve deeply into discovering your uniqueness and building your brand but you can begin the process by answering the following questions:How do you want clients/customers to feel when they buy from you or use your services?What do you want clients/customers to say about you after they have bought from you or used you services?Now begin to think of ways that you can create this experience for them. This will get you started on the amazing journey of creating your brand.In the next installment in this series, I’ll examine the second component of defining your small business or practice…creating the platform from which you’ll take your message out to the world.