Four decades ago, a new employee likely expected to spend their entire career with the same company. As the years passed, they might rise through the ranks and receive enough on the job training to succeed in their role. Neither employee nor employer gave much thought to continuing an employee’s education. For this generation, there was a social contract between employers and employees. Loyalty was valued, and it went both ways. Companies rewarded longevity and loyalty and employees put company priorities before their own. It was also industry-standard for companies to offer pensions to attract and retain valuable employees.
Reno Engineering, a development services company and engineering firm, has been operating locally for more than 20 years. The company is run by owner Vince Griffith and his daughter Britton Griffith-Douglass, who serves as vice president of operations. The company mainly focuses on development in downtown Reno and the Tahoe-Reno Industrial Center (TRIC).
As we prepare to give thanks tomorrow for the abundant blessings in our personal lives, I’m reminded by the above experience of something imperative: As businesspeople, we need to take time to express authentic gratitude for our clients, our colleagues and our communities. What are some simple ways to say thanks?
Culture is defined as the set of shared attitudes, values, goals, and practices that characterize an institution or organization. It picks up where the employee handbook leaves off. Culture guides discretionary behavior, and tells us what to do when the CEO isn’t in the room – which is most of the time. Studies have shown that the culture of an organization can account for nearly 30 percent of business performance. Here are three simple keys to help strengthen the culture of your organization.
Your dashboard of Key Performance Indicators (KPIs) is a way to gauge your company’s growth and operations. KPIs measure a broad range of activities such as revenue growth, new customer acquisition, and customer attrition. Among the hundreds of KPIs, many apply to all business types while others are industry specific. It is up to you and your team to determine what to measure and how to manage your growth. As you monitor your dashboard of KPIs, you may wonder from time to time if looking in the rear view mirror will help forecast future performance. If your intent is either to surpass a history of steady and predictable growth OR to turnaround declining market share, consider taking a deeper dive with these KPIs. These are windows into your company’s strengths and weaknesses, and in doing so, you will discover the things that are preventing you from hyper-growth.
When you form an LLC or a corporation with a commercial formation company, you’ll usually receive as part of the package a fancy-looking fake leather binder, sometimes with a heavy metal document sealer thingy. Often, this binder sits on your shelf, gathering dust, doing you and your company absolutely no good. There are many reasons to have a corporate book, but the two most important, in my humble opinion, are for business succession and litigation planning.
Attorneys that do merger and acquisition work (commonly referred to as “M&A”) are often asked by clients when it is the right time to get their advisors involved. While every situation is different to some degree, the easiest answer is “before you sign anything.” Often the buyer will ask the seller to provide it with information about the seller’s business – this may include (among other items) customer lists, financial statements, and tax returns – all of which are typically proprietary in nature.