The impact of company culture and tips for improving it

Having a good company culture can help attract and retain good talent, and can have a positive impact on your bottom line. Find out how to improve the culture at your small business.

 

Even a small business establishes a company culture. Having a positive company culture is important whether you have many employees or only a few employees. With the pandemic “great resignation” going on, a positive company culture can help you to retain your employees. It boosts employee morale and leads to increased productivity and efficiency in your workplace, as well as motivates employees to do better and makes them want to come to work. This helps your bottom line in many ways including being able to attract and keep the best employees, which in turn, helps you to reduce costs as training new hires can be expensive. It also helps cut down on absenteeism, workplace accidents and more.

There are many reasons a company culture can be negative including lack of growth opportunities, lack of clarity and expectations for job responsibilities and performance, problems with leadership or problems with your company’s morale. These are all things that you should take a hard, honest look at. If you find you have a morale problem, you should take action as soon as possible to correct the problem. 

There are many things you can do to boost company morale, whether your employees work in-person or remotely. Check out the following ideas.

Recognize good employees for their efforts. This can be thru recognition in various ways such as a bonus, an award, a mention to other employees when there is a successful outcome, etc.

RELATED: Why employee motivation matters more in a small business

Listen to your employees. They can offer many excellent ideas whether at meetings, thru a suggestion box or by any other means of communication. They are often on the front lines and hear things that you may not be aware of.

Offer your employees growth opportunities. No one wants to be in a dead-end job with no way to grow or improve. This also helps when recruiting new employees. 

Offer your employees training opportunities. This can include in school or in company training programs.

Offer other benefits. Consider offering your employees assistance with higher education, or personal assistance for health or personal issues. This will help them feel valued and important to your company.

Organize team building activities. These can be beneficial to both in-person employees, as well as to employees who work remotely. These can foster communication, increase productivity and creativity.

RELATED: Read more from Tim Dimoff

Encourage frequent breaks. A coffee break can do wonders to re-incentivize employees. Discourage employees from working thru lunch or eating at their desks. If you can, have a breakroom that is nice and comfortable so they can unwind for a few minutes. This also fosters communication between employees.

Encourage diversity. Bring in different talents, experiences and various skill sets. This can bring your employees together as a team and promote fresh ideas.

Let go of any bullies or negative employees. This type of employee can completely hinder a positive company culture, as well as open you up to potential lawsuits.

The best thing you can do for your company and your team is to embrace changes that positively benefit all before low morale takes hold. And if you already have good morale and a positive company culture, these steps will help you to keep good talent. 

Timothy A. Dimoff, CPP, president of SACS Consulting & Investigative Services, Inc., is a speaker, trainer and author and a leading authority in high-risk workplace and human resource security and crime issues. He is a Certified Protection Professional; a certified legal expert in corporate security procedures and training; a member of the Ohio and International Narcotic Associations; the Ohio and National Societies for Human Resource Managers; and the American Society for Industrial Security. He holds a B.S. in Sociology, with an emphasis in criminology, from Dennison University. Contact him at info@sacsconsulting.com.

 
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  • Next up: Ask SCORE: Three Basic Financial Documents For Business
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    In order to properly manage your business operation and develop ongoing strategies for growth, businesses need to have complete and accurate financial data. Making time to manage financial reporting, however, can be cumbersome for many small business owners. There are three financial documents, however, that should not be ignored: the balance sheet, the Profit & Loss statement (P&L) and the cash flow statement.

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      Balance Sheet

    The balance sheet is a point in time statement which details assets, liabilities and capital (owner equity) of the business.  It provides detailed information on assets and expenditures over the preceding fiscal period.   While Cash is considered the most important number, other information regarding accounts receivable, owned property and major liabilities are also critical. The balance sheet elements together provide the net worth of the company. 

    Profit and Loss Statement

    The profit and loss statement, or P&L, is the income statement. It summarizes the business’ revenues and expenses during a specific period – usually by fiscal quarter and year. Specifically, the income statement provides information on:

    Sales & Revenue – money taken in

    Cost of Goods sold - money spent up front by the business in supplies and/or labor. In other words, the cost to provide the product/service

    Gross Profit – money made after accounting for the cost of goods sold

    Expenses - details on the money spent to operate the business.

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    Cash Flow Statement

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    Content courtesy of
    SCORE

    Since 1964, SCORE “Mentors to America’s Small Business” has helped more than 11 million aspiring entrepreneurs and small business owners through mentoring and business workshops. More than 10,000 volunteer business mentors in over 250 chapters serve their communities through entrepreneur education dedicated to the formation, growth and success of small businesses. For more information about starting or operating a small business, call 1-800-634-0245 for the SCORE chapter nearest you. Visit SCORE at www.score.org.

    Funded in part through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, conclusions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.

     



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  • Next up: Why Holiday Gifting is Important
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  • Why Holiday Gifting is Important

    If you're still contemplating whether or not to give gifts to your employees or loyal customers, or are unsure what to give, check out these 9 suggestions to consider this holiday season.

     

    It has been another crazy year and it’s time to show your employees and clients some gratitude. Making even a small gesture helps to show them that you value them personally, as well as their contribution to your business. 

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    RELATED: Read more from Tim Dimoff

    Don’t just shop from your supply closet. If you give your company’s promotional products as holiday gifts, be sure to include something with it such as a bonus check or a gift card. Adding something tells the recipient that you care and didn’t just grab whatever was handy.

    Keep it simple and tasteful. No gag gifts or gifts that can be construed as too personal. No clothing, perfume, gym equipment etc. 

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    Timothy A. Dimoff, CPP, president of SACS Consulting & Investigative Services, Inc., is a speaker, trainer and author and a leading authority in high-risk workplace and human resource security and crime issues. He is a Certified Protection Professional; a certified legal expert in corporate security procedures and training; a member of the Ohio and International Narcotic Associations; the Ohio and National Societies for Human Resource Managers; and the American Society for Industrial Security. He holds a B.S. in Sociology, with an emphasis in criminology, from Dennison University. Contact him at info@sacsconsulting.com.

     
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