36: Simplify Your Business Model to Make it More Scalable to Deal With Skilled Labor Shortages
Are you struggling to find the right talent to support your business? Are you finding that you’re constantly training new employees, only for them to leave shortly after? If so, you’re not alone. In today’s competitive marketplace it can be difficult to find and retain top talent, the pandemic has exacerbated an already difficult situation. This week on Build Value By Choice, Nana will discuss how you can deal with these challenges.
According to Statista, quality of labor is at number two behind inflation as top of mind concerns for business owners.
Instead of making the requirements for your positions complex, why not structure it in a way that it’s less necessary to find highly skilled people, this allows you to open yourself to a broader range of talent. One way you can do this is looking at your business model and identify how you may simplify. This may mean reducing the number of products and services offered or streamlining operations and reducing the need for skilled labor.
If you focus on delivering a standardized set of products or services that can be taught to employees, they can sell without your involvement. Also by standardizing your operations, you become more able to compete with your rivals.
‘What alternatives have you tried to deal with the problem?’
‘The whole is greater than the sum of the parts’
‘By bundling together complimentary products, you create a package that is more valuable’
‘It’s easy to transact, it’s repetitive, it’s needed, and it’s more valuable’
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Hosted by Nana Bonsu of Infinite Horizons, this show aims to serve small business owners who want to grow their businesses while reducing their own personal involvement. We do this through a combination of interviews with industry leaders, and host presentations. We are certified value builder advisors and leverage a statistically proven methodology to help clients such as you scale or transition their business to the next chapter.
We care for our listeners and see their dreams as our own. We aim to foster a community that embraces freedom, generosity, and integrity. This is a show by entrepreneurs and business owners for entrepreneurs and business owners.
ABOUT THE HOST
“I am an entrepreneur and ex-Corporate Executive who’s applying his experience and knowledge from working in various ways to pursue my passion of helping small business owners increase their choices in life by leveraging my knowledge and experience, their employees, systems and money. I help small business owners transform their business and increase value through action-oriented education and implementation of strategies and tactics to make their business sellable even if they are not planning on selling. Known for establishing an environment for personal growth and development. My multicultural background equips me with the intuitive understanding of different cultures and how they impact business owners.”
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