The Future Success of Your Company Lies Within This Article

Whenever we survey our readers about what they want to read about, or what they want to hear about at our events, topics related to sales and marketing always top the list. As editor and publisher of NY Report, I spend a lot of time meeting and speaking with dozens of owners of growing businesses each month. Many of them are very forthcoming and confide in me. One issue is constantly on their minds. Sales? Marketing? Guess again. Human resources issues top the list more than 90% of the time.

I hear things like “I just brought on a real heavy hitter, but she isn’t fitting in.” Or, “I am worried that some of my top employees will leave.” But the most popular line I hear from business owners is “I can’t find someone to fill my _________ (fill in the blank) position. Let me know if you know anyone.” (Sales staffers top the new-hires wish list for many.) Now put that on hold for a second while I give you a reality check.

There is a serious labor shortage. Unemployment in New York City is just above 4%, and the level throughout the tri-state area (as well as most of the rest of the country) is quite low as well. But that is only the beginning of the problem. Economists predict that as the baby boomers start retiring, more people will be leaving the workforce than entering it. So while technology has led to the kind of efficiency gains that fuel growth, it can’t replace the existing workforce.

What can you do to prepare for a tougher future?

1. Constantly market for prospective employees, just as you do for customers.

2. Develop a core competency in training your employees, whether you use internal or external resources. It is harder to find “experienced” people and even harder  to find those people who will fit within your company. Instead, be on the lookout for people with the right attitude and fit for your company who have the ability to learn. Then train the hell out of them. For advice on this, see our special section on education and training.

3. Make an effort, and create a process, to retain your best employees, just as you try to retain your best customers. Market to them and treat them right. Not sure what makes them happy? Just ask.

Find, train and retain people who can help your business grow. If you fail to do this, you’ll find you’re constantly doing (and redoing) their work yourself, and you won’t have time to focus on moving your business forward.

P.S. Do you want to meet the business owners who are doing things the right way — everything from marketing to leadership to using technology? You’ll have a chance to rub elbows with these folks at The New York Enterprise Report Small Business Awards on September 25 (www.nyreport.com/awards). I hope to see you there.