It started close to two decades ago
The millennials who were initially thought of as children, are now intent on making an impact through the startups they had in their late teens and early twenties. Some of those startups are fully-fledged businesses, others have remained hustles and others have been integrated into the businesses that are owned by the parents.
While this is happening, there seems to be an economic slow down that is making businesses demand greater creativity to achieve success. In the process, many business owners have found themselves lacking team members who can drive the business forward. Staff are churning at a higher rate than they are willing to explain why they are leaving.
There is also the unfortunate occurrence of lower quality in business processes and service levels.
As a business owner, the one course of action to take is to reinvent some elements of the business to ensure continuity. This process may include:
- Offering some equity of your company to worthy
- Structuring the work to have flexi hours and allow telecommuting
- Encouraging intrapreneurship
- Having, engaging, and equipping project teams to continuously work on exciting and rewarding improvement initiatives.
For a more detailed conversation on how to turn around your business from the southbound direction, I invite you to get get your copy of my book Strategic Business Turnaround: Basic, Strategic & Practical Steps to Getting Your Business Profitable Again available on Amazon.
In the book, we identify:
- 6 areas of business that your project teams should focus on for continuous improvement
- 4 elements of a working support system that everyone needs for successful living
- 5 partners that play a vital role in your success because no one succeeds as an island
It will be great to hear from you with comments and feedback about how you are engaging and equipping your team towards greater success.