We are in living in those times where candidates hold the upper hand. However, solid company culture can close the deal! But if your organization is failing to perform and the turnover rate is high, something is wrong. This could mean your business is not organized and needs some help.
I was watching an informative documentary on top reasons why businesses fail on my Spectrum TV. Saddest part is, I lost the connection due to non-payment so I quickly contacted Spectrum payment center and watched rest of the documentary. Here is what I found. Below are the signs that indicate your company is going under and it could use some help:
1: You Are Failing to Deliver
There will come a time when your business is growing and you don’t have enough manpower to fulfill the orders. This doesn’t mean you are disorganized. It is a sign of growth and it means you need more employees or a new strategy to tackle the demand.
However, if your system is chaotic and you are losing track of the order time, and because of that, you have lost significant leads, this means your system, in general, is disorganized and it needs improvement.
2: Employee Turnover Is High
Even the well-managed companies lose good employees. This is normal but if your company is finding it hard to stay fully staffed and is constantly hiring, it’s a sign of a problem.
A higher turnover can take a toll on your internal resources. Interviewing, onboarding, and training new employees is expensive. And if you end up taking inexperienced staff, they are likely to make mistakes. This could affect the company’s productivity too.
If employees are fleeing often, it indicates something is not right. It could either be the culture, the role, the department itself. Uncover the root cause and tackle it to reduce the turnover rate.
3: New Ideas Are Dismissed
In a company where new ideas and suggestions are ignored, this is a sign of an unsupportive team. This could halt growth. A company, manager, or organization that defaults to the past as “this the way it’s always done” is going to hurt the business in the long run. It’s obvious that you will miss out on the key trends and lose new opportunities.
Turn yourself into an organization that encourages innovation. Build a team focused on this initiative. Encourage your staff for open dialogue and reward them for sharing new ideas. Otherwise, you will end up losing talented people because they feel they are unappreciated.
4: Internal Unfamiliarity and Non-Communication
Are your employees unaware of the people working outside the team or what their roles are? This means there is a lack of communication. It doesn’t mean that every employee has to be familiar with the job description of others but first name familiarity is significant especially if you are a small or medium-sized organization.
If it’s possible, employees should know the names of other employees and have direct access to every executive. This will eliminate the threats of silos.
5: Poor Communication with Suppliers
Being an organized business means you have enough stock ahead of time to meet the demands of your customers. This calls for constantly communicating with your suppliers. If you have to make desperate phone calls to your suppliers whenever there is a spike in the demand, this is a sign you are disorganized.
6: Failure to Answer Customer Queries and Concerns
When you keep your communication lines open, customers will contact you for a variety of reasons. This could be general queries, questions about products and services, inquiring about order status, and more.
It’s imperative to answer any query your customer has in order to be perceived as a dependable and professional business. If you are failing to answer customer queries and concerns regularly, it’s a sign of being disorganized. It also means you could be missing out on opportunities.
7: It Has Been A While You Have Given Raises
Satisfied or happy employees are a part of a sustainable organization. If the employees aren’t provided with raises, they will run for the hills.
Also, a business that is disorganized and can’t seem to stay on top of client demand, will barely be making profits or have the time to appreciate its hard-working team.
Appraisals foster a positive work relationship. If you don’t have an appraisal system in place because you are failing to manage time, you are eventually doomed because you will be losing some talented people.