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In this episode, Nana discusses the qualified labor shortage and its effects on making a business more and more dependent on an owner and its key employees. Not only this, but the shortage may also be affecting your businesses ability to expand. If you want your business to survive, you need to find a way to overcome these challenges.

KEY TAKEAWAYS

  • Small business owners are spending more time dealing with labor issues than they did before. Quality and cost of labor have been the top two concerns for small business owners up until now. Inflation has overtaken that concern and is now the main concern.
  • Because the supply of quality employees is low and the demand for them is high, that means that wage demands are going to go up.
  • Some questions to ask yourself before the next episode are: How easy would it be to replace your most important sales and marketing employee?
  • If you are a product company, how easy would it be to replace your most important product design employee?
  • If you are a service company, how easy would it be to replace your service design employee?
  • How much of your company's revenue are you responsible for?
  • Has your business ever struggled to find quality labor and if so why?

BEST MOMENTS

‘The competition for talent is heating up’

‘Employees are the biggest assets of a business’

EPISODE RESOURCES

Build Value By Choice Podcast Episode #8 with Ray Croff

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Podcast website: https://infhorizons.com/podcast/

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PODCAST DESCRIPTION

Hosted by Nana Bonsu of Infinite Horizons, this show aims to serve small business owners who want to grow their businesses while reducing their own personal involvement. We do this through a combination of interviews with industry leaders, and host presentations. We are certified value builder advisors and leverage a statistically proven methodology to help clients such as you scale or transition their business to the next chapter.

We care for our listeners and see their dreams as our own. We aim to foster a community that embraces freedom, generosity, and integrity. This is a show by entrepreneurs and business owners for entrepreneurs and business owners.

ABOUT THE HOST

Nana Bonsu:

“I am an entrepreneur and ex-Corporate Executive who's applying his experience and knowledge from working in various ways to pursue my passion of helping small business owners increase their choices in life by leveraging my knowledge and experience, their employees, systems and money. I help small business owners transform their business and increase value through action-oriented education and implementation of strategies and tactics to make their business sellable even if they are not planning on selling. Known for establishing an environment for personal growth and development. My multicultural background equips me with the intuitive understanding of different cultures and how they impact business owners.”

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Productize, Small Business, Growth, Diversification, Concentration, exit strategy, efficiency,(c) 2021, Build Value By Choice: https://infhorizons.com/

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