SMEBusinessGuide

Human Resources
How To Organize Work Timings Of All Employees?
https://smebusinessguide.com/business-guide/human-resources/how-to-organize-work-timings-of-all-employees/

Sales
Standard Sales Process
https://smebusinessguide.com/business-guide/sales/standard-sales-process/

BRANDING
Brand Myths #6: Our Brand Is Created Naturally, So We Don’t Need to Worry About Branding
https://smebusinessguide.com/business-guide/branding/brand-myths-6-our-brand-is-created-naturally-so-we-dont-need-to-worry-about-branding/

MARKETING
Work After Advertising
https://smebusinessguide.com/business-guide/marketing/executing-an-advertisement-campaign-work-after-advertising/

Managing a Family Business
Guidelines for Preparing the Successor
https://smebusinessguide.com/business-guide/managing-a-family-business/guidelines-for-preparing-the-successor/

Human Resources
Formulating And Implementing Various Policies In The Company
https://smebusinessguide.com/business-guide/human-resources/formulating-and-implementing-various-policies-in-the-company/

Sales
Managing Sales Leads
https://smebusinessguide.com/business-guide/sales/managing-sales-leads/

BRANDING
Brand Myths #5: Once Created, the Brand Will Survive Forever
https://smebusinessguide.com/business-guide/branding/brand-myths-5-once-created-the-brand-will-survive-forever/

MARKETING
Preparation Required Before Advertising
https://smebusinessguide.com/business-guide/marketing/executing-an-advertisement-campaign-preparation-before-advertising/

Business Leadership
How To Achieve The Business Objectives? Part-3
https://smebusinessguide.com/business-guide/business-leadership/prioritization-doing-the-right-things/

Managing a Family Business
Guidelines for Choosing a Successor
https://smebusinessguide.com/business-guide/managing-a-family-business/guidelines-for-choosing-a-successor/

Human Resources
Motivating The Employees
https://smebusinessguide.com/business-guide/human-resources/motivating-the-employees/

Sales
Distribution Channel Management
https://smebusinessguide.com/business-guide/sales/distribution-channel-management/

BRANDING
Brand Myths #4: Spending Money on Branding Will Create Our Brand
https://smebusinessguide.com/business-guide/branding/brand-myths-4-spending-money-on-branding-will-create-our-brand/

MARKETING
Planning for an Advertisement Campaign
https://smebusinessguide.com/business-guide/marketing/executing-an-advertisement-campaign-planning-for-an-advertisement-campaign/

Business Leadership
How To Achieve The Business Objectives? Part-2
https://smebusinessguide.com/business-guide/business-leadership/focus/

Managing a Family Business
Common Errors in Choosing a Successor
https://smebusinessguide.com/business-guide/managing-a-family-business/common-errors-in-choosing-a-successor/

Technology in Business
Technology In Business- Managing Information
https://smebusinessguide.com/business-guide/technology-in-business/technology-in-business-managing-information/

Human Resources
Giving Bonus To Employees
https://smebusinessguide.com/business-guide/human-resources/giving-bonus/

Sales
How to Setup a Distribution Channel?
https://smebusinessguide.com/business-guide/sales/how-to-setup-a-distribution-channel/

* How Many Life Members Are There In Your Company? *

I was talking to the CEO of a private equity firm. I was curious to know how they evaluate firms. Among various criteria, he mentioned an intriguing one. He said, "We try to find how many life members are there in the company."

"Who are the 'life members'?"

He said, "Those who have been with the company for 10-15-20 or more years and who are unlikely to leave."

Earlier, people used to have "lifetime jobs" in which they spent their entire work life in a single organization. After joining, they would continue in the same company till they retire.
In a time when people jump companies every 2-3 years, such "lifetime employees" are extremely rare. These days, it is not easy to retain employees for a long time.

But if a company has many employees who have been with it for more than a decade, it must be doing something right. Employees stick longer with a company if they see their stable and growing future there. That is a very strong indicator of its policies, practices and prospects in the future.

We see a large number of decades or centuries-old classic companies which have survived and thrived because of such "life members."

A high attrition rate is one of the major challenges facing companies and a strong symptom of weakness which may pose a serious threat to their survival and stability.

On the other hand, if there are employees who have been there for a long time, it provides a range of advantages in addition to stability. The company can respond to customers fast. Its cost and efficiency can improve because of reduced training costs and learning curve advantages. It also helps to win customer trust and loyalty because long-term employees can develop a relationship with customers.

Retaining "life members" requires pragmatic and employee-friendly policies. We must be sensitive to their long-term needs and aspirations. We must also abandon the belief that people work and stay only for money. People expect respect and recognition in addition to more than satisfactory remuneration.

A large number of "life members" in its team is certainly a competitive advantage for any company. If a company wants to survive and thrive, its leaders must be watchful of its attrition rate and they must do everything to increase the number of such "life members" in their team.

-Sanjay Shah
SME Business Coach

https://bit.ly/3vIxyLS

BRANDING
Brand Myths #3: Being Known Is Branding
https://smebusinessguide.com/business-guide/branding/brand-myths-3-being-known-is-branding/

MARKETING
Executing Marketing Communication Campaigns
https://smebusinessguide.com/business-guide/marketing/executing-marketing-communication-campaigns/

Business Leadership
How To Achieve The Business Objectives? Part-1
https://smebusinessguide.com/business-guide/business-leadership/follow-up/

Managing a Family Business
Succession Planning in a Family Business
https://smebusinessguide.com/business-guide/managing-a-family-business/succession-planning-in-a-family-business/

Technology in Business
Technology In Business – Enterprise Software Solutions
https://smebusinessguide.com/business-guide/technology-in-business/technology-in-business-enterprise-software-solutions/

Human Resources
Performance Management
https://smebusinessguide.com/business-guide/human-resources/performance-management/

Sales
How to train your sales team?
https://smebusinessguide.com/business-guide/sales/how-to-train-your-sales-team/

BRANDING
Brand Myths #2: Copying a Famous Brand Will Make Ours a Hit Brand
https://smebusinessguide.com/business-guide/branding/brand-myths-2-copying-a-famous-brand-will-make-ours-a-hit-brand/

MARKETING
MARKETING ESSENTIAL-5: HOW TO REACH OUR TARGET CUSTOMER?
https://smebusinessguide.com/business-guide/marketing/marketing-essential-5-how-to-reach-our-target-customer/