Income Inequality and Your Small Business

Income Inequality and Your Small Business

by | Dec 22, 2014 | Performance Management

I don’t have much money.  I’m just getting started.  What do you mean by income inequality and my small business?  Yes, your small business can have a great influence on income inequality in a positive or negative way.  Do you want to know why?  Continue reading.

Income inequality has grown tremendously for almost fifty years in the United States.  The U.S. leads most developed nations in income inequality.  “Half of the U.S. population lives in poverty or is classified as low-income according to the U.S. Census data” reports Wikipedia. President Obama has defined this as “the defining challenge of our times.”  So you’re probably still asking “what does my small business have to do with this sad state of affairs?” As I mentioned in a previous post, a society centered mission can be very valuable to your success and the success of society in general.  Income inequality can be attacked if you determine to be consistent in the application of a society centered mission throughout the growth of your business.  This consistency will be apparent in your business strategy, operations, budget and bottom line.  Many profitable businesses operate this way. Take a look at“Why giving back is good for business” by Laura Garnett

Your Business Strategy might include a ♦vision statement as well as a ♦mission.  Your ♦guiding principles might include your society centered ♦core values. Your core values may include leadership, integrity, service, and employee talent development among others.  Other elements of your strategy may include ♦competitive advantage, ♦long and short term objectives and ♦action plans with all of these containing society centered characteristics.  Profitable growth that is so essential to any business can be easier to achieve using this method.  Current and emerging research supports this method.

Let’s face it, all businesses want highly motivated and talented employees.  A society centered mission offers five key advantages for this type of employee:

1. Employees feel privileged to work for a company that cares about employees, customers, and the larger society.

2. They feel that they are working because of the opportunity to grow their talent as well as make a paycheck.

3. Mission conscious employees are hired and attracted to the business  primarily because of its mission.

4. The business promotes an enthusiastic work ethic and dedication to the customers.

5. Great employees and dedicated customers become loyal friends.GeniusCore on the Move

So, what does all of this have to do with eliminating income equality?  Ok, let me tell you.  Consider your budget.  Most budgets allow 35 to 40 percent of its operation fees for employee salaries, taxes and benefits.  If you keep a tight hold on your money, using something like a small business Dashboard until your business outgrows it; as your business grows, employees salaries  grow.   This can be one of your own “noble” personal values that is reflected in your company vision. In addition to this, some of the best companies pay their employees 20 percent above the industry standard to keep good employees. Of course this lines up with your business core values anyway! It’s not rocket science.  So come on. Let’s grow our small businesses to become outstanding large businesses with great values to help eliminate income inequality and in turn, create a better society. An idealistic attitude right?  That’s ok.  GeniusCore can help.  Join us.

 

“This is a time when there seems to be a particular need for friends of wisdom and truth to join together” Albert Einstein

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 You’ll like what we can help you do for your business.  This could be the best decision you’ve made all year!!

 

 

 

 

Where Is Your Business Going?

by | Dec 8, 2014 | Performance Management

Flagship Niagara
Have you ever gotten in your car to go to a place and you had a general idea about where you were going?  More often than not, you generally got lost didn’t you?  The same principle applies when you are running your business.  Trust me, you don’t want to generally get lost.  Resources are too costly.  This is one of the reasons you need a clear mission and strategy.  This is critical to business success and it will help you capture and hold on to the original excitement you felt in the beginning of your idea for this business.  When we begin a new business, we are so excited about the possibilities.  We see success and prosperity all around us and we are sure everything is going to work out fine.

For a while, things are ok, but the hard work and firefighting makes us lose some of the excitement and we wonder what to do next.   How about slowing down a minute and asking ourselves, what is steering our business?  What is pushing it toward success?  Is it sheer willpower or specific values and goals?   Having a specific steering plan relieves a fair amount of stress.  Plus, direction removes a lot of uncertainty.  It allows you to think strategically and put the resources and energy of your business in the right places.

“A leader has the vision and conviction that a dream can be achieved. He inspires the power and
energy to get it done.”
– Ralph Lauren

A Vision clarifies the reason the business was created.

What does a well thought out Vision do for your venture?

*Creating a Vision is the initial action you take when you are designing your strategy.

*The Vision will be the basis for all affiliates to use as they set goals that they are responsible for.

*The Vision, supported by the Values, motivate and empower affiliates and helps them understand why certain actions and operations are necessary.


 *A Vision anchors your strategies to common objectives and keeps everyone on point.

*A Vision creates a desire in affiliates to do their best, because everyone is focused toward the same, clear objectives.

 

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A good Vision is thoroughly considered and describes the dreams that you have for the enterprise that you are creating. A well thought out Vision has the following characteristics:

1. It exhibits the purpose and direction of the business.
2. It is supported by the established Values.
3. It helps to set operational standards of excellence.
4. It is believable and motivating.
5. It is ambitious and challenging.
6. It identifies the uniqueness of the business.

“One reason so few of us achieve what we truly want is that we never direct our focus; we never concentrate our power.  Most people dabble their way through life, never deciding to master anything in particular.” Tony Robbins

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You’ll like what we can help you do for your business.  This could be the best decision you’ve made this year!!