Joys and Challenges in Managing a Business and keep it running smoothly
Business ownership and management can be a joyful experience.
It can also bring a lot of headaches and challenges. The joys can be plentiful. Fulfilling a lifelong dream as an entrepreneur is immensely satisfying. Supporting youth or displaced workers in learning new skills feels good and helps the community. The joys of building relationships with customers and hearing their praises in person or online make it all worthwhile.
There are, of course, many challenges to navigate. Hiring and keeping talented, committed workers requires a complex set of skills. These include the ability to train others, conflict management, adaptability, and thoughtful decision making.
Any review of the business headlines illustrates these challenges. Currently, healthcare and automotive industries are facing broad strikes and employee unrest. As inflation continues, employees rightfully want to be able to earn more. In California, recent legislation increased the minimum wage for fast-food workers to $20 per hour. Even local small employers are feeling the pinch of balancing costs while trying to keep great staff.
Businesses that succeed long-term tend to adhere to a core set of principles that keep their business running smoothly.
- Showing appreciation on a regular basis for their employees. The employees feel listened to, valued, and supported in pursuing their own career goals.
- Happy and committed employees tend to foster happy and committed customers. Customers go back to businesses where they have good relationships and get good service and products.
- Monitoring costs and making regular adjustments to systems and processes to ensure adequate cash flow. Strong businesses pay close attention to inventory, and continually work to reduce waste.
- Community engagement. Most businesses that succeed long-term are actively engaged in serving their community. They help kids, schools, nonprofits, and other businesses through collaboration and shared publicity.
Beaverton is lucky to have many well managed businesses that exemplify these practices. Here are a few of our favorites at the Beaverton Area Chamber of Commerce:
- The Chick-fil-A on Beaverton-Hillsdale Highway and 107th. The owners of this franchise provide educational benefits and ongoing professional development for their staff. They also donate thousands of pounds of food each year to local shelters and food programs.
- Beaverton Florists. This wonderful small business has been a mainstay in Beaverton for decades. They support the community through the ups and downs of life, and provide wonderful products at a reasonable price.
- Mike’s Electric. They have also been a mainstay in Beaverton for decades. They are prompt, professional, and do outstanding work.
- Hyland Hills Ace Hardware. The staff here greet you as soon as you enter, help you find what you need, and have outstanding knowledge to help you navigate your home projects and more.
- Koeber’s Interiors. This family-owned business has flooring and much more to help beautify your home. They are extremely active in the community, and do an impressive amount of service in the community.
You probably have your own favorite businesses in mind. The next time you visit them, be sure to let them know how much you appreciate them. Your kindness and appreciation are what make business ownership and management so rewarding. Profits are nice, too.
Hope you all enjoy a lovely month of October.
By Rob Routhieaux, Director of Small Business Support & Development. For more information about how your business can be involved or sponsorship opportunities, email us at email@example.com or call 503-644-0123.