Business owners are nearly always dealing with a crisis, or "in a crisis" of some sort. That's a bold statement- I know. So, let's look at what I mean.
Part of the job of a business owner is to deal with the "tough stuff". And that includes crisis management. In business, we often refer to "crisis" assessment as Risk Assessment.
On a good day, the crisis that a business is facing is known. That is to say, the risk factors are known. Known issues that fall into the above category include sales issues and operations issues.
Sometimes, however, a business can have a crisis brewing that they are unaware of; or unknown risks. An unknown brewing crisis can cause devastating financial loss.
Often, these challenges or crisis situations arise because the owner is has been careless in their generosity. That is to say, it is absolutely possible for a business owner to be too generous. The risk associated with that dangerous type of generosity is unparalleled.
Here are some examples:
The business owner hire a “friend” who is not qualified.
The business owner pays a good employee a little extra for the same work as other employees.
The business owner allows a good employee a few extra days off- just to say “thank you”.
The business owner ask an employee to do something that is not part of their normal duty.
These things may very well sound silly, but you may have done one of these. Please be careful, you may be creating the next crisis.
If you would like to discuss, please let us know.
Turning Point HCM