A: The greatest pitfall is access to cash – more businesses fail for this reason than any other. Cash constraints require business owners to carefully identify/prioritize opportunities; carefully manage investments; increase focus on invoicing and collections; and reduce/manage inventory. In the current “credit crunch” environment, business owners can’t count on getting additional operating capital from traditional sources (e.g., banks, SBA) so they must put more focus on managing operations to create and conserve cash.
For resources on how to overcome the cash crunch, check out these biz tools:
In business today it is sometimes difficult to pay high-quality people what they are really worth, so how can we motivate these people to work hard when we cannot pay them more money?
Here are some ideas on how to motivate key employees with non-financial incentives.
These are among many steps you can take to motivate employees, increase productivity and achieve greater employee satisfaction. Always recognize, encourage and appreciate your employees! Their contribution is key to your business success.
With conscientious, effective and efficient employees, your business will succeed.
Please share incentives that you have used that have been effective in your business.