Why Businesses Fail
This is the second part in a series, Employee Engagement 101, by guest author Burl Haigwood, a Business Performance Consultant with Evolve Performance Group. Check out the first part on employee engagement vs. disengagement, and the final part on employee engagement programs!
Employee Engagement 101: Why Businesses Fail
Another important piece of the puzzle is for SMBs is to understand why businesses fail. Employee and client engagement are proven business strategies that create a competitive edge in the marketplace. The Ritz Carlton, Nordstrom, Northrop Grumman, Starbucks are all in commodity businesses (e.g., hotel rooms, coffee, clothes, contractor), just like many SMBs. What sets them apart is their investment in human capital and high levels of employee engagement. Most SMBs don’t have the time money or business expertise to invest in capital improvements or process improvements, so they need to focus on their employees and their clients. In most cases human capital investments can be the fastest return on investment for their business.