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As a business owner, you know what it’s like to lie awake at 2 a.m. Maybe it has happened when you are excited and full of new ideas for your business. More often, it’s because you are worried about issues you will face the next day. Sometimes, it’s because you just woke up with the solution to a problem. I’ve experienced all those emotions about my businesses over the years. Awake at 2 o’clock? is where I share them with you, and hopefully help with answers that will let you sleep.
John F. Dini, CExP, CEPA
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Small business owners are the Hunters of the 21st century. We are 3% of the US population, and yet we create over half of all American jobs. As Hunters, we may not be inclined to manage by the numbers or stick to systems. Are you a Hunter or a Farmer?
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How prepared are you to exit your company?
The Assessment breaks down the four major categories of exit readiness; Finance, Planning, Operations and Revenue/Profit.
Tag Archives: employees
Absence Makes the Heart Grow Fonder (Not!)
When you are in love, separation from your loved one is painful. The longer you are separated, the more you want to be together. The saying is attributed to Thomas Haynes Bayly, a popular (but fairly light weight) writer of … Continue reading
One Response to Absence Makes the Heart Grow Fonder (Not!)
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Are Mistakes Good?
“Experience is a dear teacher, but only a fool will learn from no other.” Benjamin Franklin Business owners learn a lot from their experiences. As a friend says, “Experience is what you get when you don’t get what you want.” … Continue reading
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Employees aren’t Partners
Many of my clients are recovering from the recession. They are running lean, and have restored their profitability, even if at lower revenues than prior to 2008. Those that had to reduce or freeze employee compensation are seeking ways to … Continue reading
3 Responses to Employees aren’t Partners
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This is an excellent article and I completely agree with the concept that only Exectuive Mgmt should profit share. Incentive based pay for the employees is a good practice, but needs to have flexibility to ebb and flow with the needs of the business being met first and foremost.
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John, I disagree. I used profit sharing with my employees for 15 years. Each employee in my company contributed to the profits of the company. We were a maufacturing company and everyone contributed, not just the managers. We did set up a system whereby each employee’s share of the profit was based on compensation, years of service, and a performance factor. We met monthly with all employees and reviewed our financials with them. They knew where they could help by controlling expenses and where they could cut costs. they knew the cost of the materials that they were using in the process and could increase the yield and productivity of the operation. When the company was sold the employees were given over $500,000 to be dived up according to the previous criteria. After 25 years they are still there.
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That sounds lile a great system, Larry. I note you said “performance” was a key criteria. I have absolutely no problem with using company profitability as a funding scale for incentive programs. My piece criticised companies that distribute profits as an entitlement, without defining what individuals need to do to earn their share.
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2 Responses to Another Lost Generation?
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Thought I would use the conventional method and mix it up. Excellent article. Hopefully, the readers will have enough experience to appreciate it. Go Giants.
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John,
While it might be true that millenials work longer, is this a manifestation of the the experience curve, learning the ropes, etc. Perhaps the working for less is a case of “you get what you pay for”?
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When is a Bonus not a Bonus?
“And yet, you don’t think me ill-used, when I pay a day’s wages for no work.” That statement by Ebenezer Scrooge to Bob Cratchett in 1843 recognized the then relatively new custom of letting wage-earners have a day off for … Continue reading
Good discussion. I am especially interested and working on ways to effectively use remote technologies like Skype, webex, and communicator.