I see a growing consensus across the business community: Two years into this pandemic, it’s time to embrace permanent shifts and focus on practical progress and new ways to succeed.
Entrepreneurs are busy blazing trails. They aren’t waiting for the world to calm down and return to normal. Last year there were more Google searches for “how to start a business” than “how to get a job.”
The latest business data and conversations I’ve had have inspired these five ideas for how all of us might forge ahead.
1. Listen intently to your employees. Upskill them. Support them.
If you own or help lead a small business, don’t take your managerial superpower for granted. Leadership starts with being a good listener, and small businesses have a real opportunity to listen well to every single employee.
This is only more important at a time when half of small-business owners say they’re unable to fill job openings. Many employers plan to increase training and education benefits and upskill talent already on staff or offer more support in specific key areas such as childcare. Whichever path is right for your business, start by listening.
2. Help employees see real value in your business culture.
Remember your primary tools to retain employees: After the basics of pay, compensation and employee benefits, help nurture a supportive workplace.
Lead with purpose to help your employees connect the details of their daily work to how your business contributes to a better world. As an insurance executive, I remind my team we’re not just doing business; we can change lives. Your company culture should deliver the “why” of work.
3. Individualize how you boost employee morale.
More than half of employees who leave their jobs don’t feel valued by their organization or manager or else lack a sense of belonging. As business leaders, we must be more mindful and creative in how we encourage human connection and account for our employees’ unique personalities.
Sometimes a formal initiative such as an employee mentorship program helps boost morale. But more often, it’s our dozens of ordinary interactions throughout the day. Don’t overlook the small moments—a smile, a nod of support, a sincere note of thanks—that help build a solid foundation of trust between you and your employees. Remember that every interaction is a chance to influence morale.
4. Think hybrid 2.0—go beyond the basics of flexibility and remote work.
Beyond the hybrid office is hybrid 2.0. A hybrid 2.0 mindset means thinking bigger—not just software for virtual collaboration or flexible workdays. Set aside your fear and ask yourself what fundamental changes you could make to help you and your employees cope and succeed in the long term. One owner I know temporarily shut down her small business for the first time, with extra paid time off, to help her entire staff recover from a rush of clients. Productivity has remained steady throughout the pandemic, despite the shift to remote work. We can trust our employees to keep doing their best work outside of old routines.
5. Rebuild, recalibrate and move forward with conviction.
Businesses of all kinds have been rocked by some type of pandemic volatility. A December 2021 survey found that 75% of small businesses made significant changes due to the impact of the pandemic; 25% changed their entire business model. Lean into change.
Never underestimate your creativity and resilience as a small business owner. You've reinvented yourself before and will do so again—and again, and again.
Amy Friedrich
Amy is President of US Insurance Solutions at Principal Financial Group and a loyal advocate for the SMB community.