For those that don't know me, I am a serial entrepreneur and have been one for the last 4 years.  Four years ago, I started X-Marketing, a full-service marketing consulting firm.  We have since rebranded as CTE Healthcare Communications, a patient and caregiver education company.  I will save the explanations for the rebranding for another entry.  In addition to CTE Healthcare Communications, I have also started Xpresso, Inc. DBA Mudd Coffee and X-Investments, Inc.  Mudd Coffee is a coffee drive-thru kiosk business which I have since sold and X-Investments is a real estate development company. 

I have learned so much from all the businesses that I have started, but for the purposes for this entry, I wanted to focus on what I feel has been the single most important factor that has contributed to the success of CTE Healthcare Communications:  it's people.  CTE is forecasted to have $2.0 million in revenue this year, and my two employees have had just as much to do with its success as anything that I've done. 

Although technology plays a bigger and bigger role in the world of business, I'm not sure technology will ever be more valuable than a good employee.  If you haven't read it, I highly recommend reading Good to Great by Jim Collins.  In this book, Collins compares companies that have done well in their respective industries (the "good" company"), and compares them to companies that have done EXCEPTIONALLY well in those same industries (the "great" company").  In most cases, the good company had that one charismatic leader that had a vision and lead his company toward that vision.  The great companies, on the other hand, had a great leader that first built a team of "Level 5" leaders (read the book on this) and AS A TEAM, the company developed a vision and direction for the company and worked toward this common goal TOGETHER. 

Although I tell them that I ultimately have the final decision, my employees always get a tremendous amount of input when it comes to important decisions.  I strongly believe that this is important for a number of reasons.  Most importantly, it provides each employee a sense of ownership in their company.  It's now no longer "just a job" - the company becomes something that they have had an important part of growing.  From a branding perspective, if the company develops the strategic direction for the company TOGETHER, each person becomes a part an integral part of the brand.  Each and every employee owns and believes in the brand and therefore presents the brand to the outside world in everything that they do. 

Another important end result is that employee turnover is reduced.  Employee turnover increases operating costs as a result from having to hire and train new employees.  Low turnover also makes clients comfortable as their points of contacts are not constantly changing. 

How else can you reduce employee turnover as a small business owner in addition to including them in developing the strategic direction of the company?  Same way to do it as a large company - money and benefits.  Although it can be expensive for a small business, it is important to provide your employees with benefits such as health and dental benefits.  Again expensive, but it is an important investment in your employees.  In addition, a retirement plan such as a 401K program shows that you care about your employees futures.  I also encourage them to have "side gigs" or things outside of the company and do whatever I can to support these outside interests through flexible scheduling.  Another benefit I provide my employees is that I pay for their cell phone bill.  I ask my employees to be accessible to their employees essentially 24/7/365.  If I'm asking them to do this, I think its only fair that I pay for their cell.  Whenever possible, I try to give them raises and bonuses. 

What else can I say?  People are your MOST important resource - show them how important they are to the company by showing that you value their thoughts and opinions, but also show them how much you value them as people by providing benefits, bonuses, raises, and helping them cultivate their outside interests.