Ellen McIlhenny - The Smart and Savvy Exit – Cash Flow Strategies to Build Value
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In recent weeks I have brought up on more than one occasion the recent phenomenon of how we are sitting on an unemployment rate of around 6%, yet there is a severe shortage of labor available for small business owners as they come out of a period when their ability to make a living was greatly diminished.
When employment numbers are adjusted to take into consideration the people who have given up and left the job market, the unemployment rate is closer to 10%. In fact, you must go back to the great recession of 2007-2008 to find a time when total employment was this low. So why, you might ask, are people having so much trouble finding recruits to fill their open positions? There are several factors involved. First, as I have mentioned, the rich unemployment benefits that have been extended to those out of work have compelled some to stay at home and make more money than they had been making when working. Inability to work because the children have been out of school for the past year is another consideration. Others may be unwilling to switch careers or move to another town with more opportunity. There are so many influences that can cause problems for the hiring business owner.
All of this has led to yet another problem for business owners. I have talked to a few clients this week and they are reporting that retaining their current workforce is becoming more challenging. Competitors are hiring away workers for a few extra dollars and hour. This is running up the cost of labor at the worst possible time. Many are just now staring to get back on their feet and this happens.
Many restaurants and fast food are looking for workers in non-traditional places. Normally, these jobs are filled by younger workers, but since many older workers (baby boomers) are reaching retirement age or have just retired, this could be a good source for workers. In fact, McDonald’s has joined forces with AARP to hire this underutilized workforce.
Now more than ever business owners need resources like IBGR where there are so many different resources available to address almost any issue you will face.
Show Objectives - The Why
Today I will be going over some techniques to help your cash flow which ultimately builds value.
Find My Podcast at https://pod.co/future-financial-confidence-with-ellen-mcilhenny
Next Week: What is a successful sale.
Written by Ellen McIlhenny
Owner of CFO Plus Services, a Fractional CFO services firm which also offers Back Office Bookkeeping Services. Author of the business novel The Big Turnaround; How Bad Management Nearly Destroyed an Exceptional Company. Check it out at https://thebigturnaround.com
You can connect with Ellen on any of her #cfoplusservices platforms or firstname.lastname@example.org
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