Being your own boss is amazing, but if you have employees, it’s important to keep their happiness and wellbeing top of mind as well. A team that feels appreciated, supported, and heard is a team that’s likely to stay engaged long-term, and that means less turnover, fewer hiring expenses, and better morale overall.
Kevin Wong, co-founder of Lunar Hard Seltzer, has put in the time and effort to build a growing, thriving team. Check out his secrets to hiring and retaining incredible employees in this episode of Mind The Business: Small Business Success Stories, then listen to the full episode below.
1. Take time to know what you want, before you hire
Hiring the right fit is important, but before that rec hits the job board, think through your business needs. For Wong, that process begins with reflection and getting to the root of the problem. “You’re either solving a need because you need more, or you’re solving a need because you need better,” he says.
So how do you know what you need? “First, you start off by journaling,” he explains. “What did I do this week? And then you kind of group those [things] and be like, what are tasks that fit into a role? Where do I need help?” If you’re struggling to define a role, try writing out a job rec for it. “Writing it helps you think through who and what you need to hire for,” he says.
2. When hiring, go for the go-getters
“We have this thing — a line on our careers page that says, ‘Feel free to invent your own role.’ And we’re inviting people to pitch themselves to us,” says Wong.
It’s a strategy that’s worked well for Lunar Hard Seltzer. People who like the company and feel strongly about forging their own path reply with reasons they should be hired — sometimes pointing out pain points Wong and his business partner haven’t considered. “And that has been so awesome, because there are these awesome go-getters out there that are going to reach out [and] pitch us,” he says.
The result? More enthusiastic hires who aren’t afraid of thinking creatively and taking initiative.
3. Do the work to set the tone
Lunar Hard Seltzer has two owners: Wong and his co-founder, Sean Ro. The two began their relationship as friends and have since had to navigate the joys and challenges of being business partners as well.
As co-owners, Wong and Ro know very well that their words, actions, and interactions set the tone for the entire company. It’s a responsibility they take seriously.
“We actually made a commitment to each other that we would go to couples therapy,” says Wong. Therapy has helped them learn how to invest time in their relationship beyond work which, as Wong describes it, can be ”all-consuming.” They take time to be intentional about how they check in on each other — a habit that’s helped them form a healthy foundation for their personal and professional relationship.
4. Take time to show appreciation
When you’re focused on business growth, it’s easy to overlook everyday victories. You might take for granted yesterday’s accomplishments, but doing so leaves your team feeling undervalued.
“The most important thing is showing appreciation,” says Wong. At Lunar Hard Seltzer, one way team members convey appreciation is through giving snaps, which they do weekly at their all-hands meeting. “It’s really about making sure that everyone feels included, feels valued, that we’re taking time to appreciate each other,” he explains. “There’s so many things that happen in any given week.” Taking a moment to let people give public kudos ensures that no one’s contribution is overlooked.
5. When it comes to benefits, put yourself in their shoes
“It’s so simple to say, but there’s a weight to that decision, right?” It’s the first thing Wong thinks about when it comes to HR and employee benefits: his responsibility for his team’s care. He understands that providing quality benefits, and helping his team understand exactly what’s offered — is an integral part of his job as a leader. “All of a sudden, their livelihood — their income — is now resting on you as a business owner. It’s on your shoulders.”
As a result, Wong and his business partner have spent a considerable amount of time contemplating and crafting their benefits packages. “I barely understood PPO … when I just worked at someone else’s company. But all of a sudden, I was like, wow. My co-founder and I spent a whole weekend just reading [and trying to understand] what does this mean? What would I want? What would I want when I was younger? What do I want now?”
After the first year, Wong and his partner asked their team for feedback, then acted on that feedback to improve their benefits for the following year. “Before you commit to something so large, just know that it’s your employee’s wellbeing. It’s a human’s wellbeing. It’s their livelihood. For a whole year. So make sure you treat that with the respect that it needs,” he advises.
Kevin Wong and Sean Ro aren’t just pioneers in modern hard seltzer. They’re successful business owners who’ve grown their two-man team into one that actively hires in multiple cities. Check out the full story in episode 6 of the Mind the Business podcast.
This article originally appeared on QuickBooks and was syndicated by MediaFeed.org.
Americans waste money every day on these things
No one sets out to waste money. But sometimes, it can feel as if you have thrown your hard-earned cash right down the drain.
How you spend your cash is, of course, up to you. Some may allot cash towards restaurants or Pilates classes, and that’s okay. As long as it’s a healthy spending habit and it falls within the predetermined budget, who’s to say it’s a bad idea?
But, that said, you may feel you want to cut back a bit on your outflow of funds. How to do so? Not everyone is a budget brainiac. Many people could use some help analyzing where their cash is going and whether that’s a good use of their funds.
So here are some common spending habits where you may be wasting money without even realizing it. Take a closer look, and you may find ways to save.
izzetugutmen/istockphoto
Set it and forget it is great when it comes to automating your personal finances, but it’s less than ideal when it comes to subscription services. 84% of American homes have at least one streaming service subscription, and the average US subscriber has signed up for four services.
On top of streaming entertainment services, plenty of American consumers subscribe to a box service, like Dollar Shave Club, Hello Fresh, or FabFitFun. Whether a person is ready to ditch some monthly services or not, they can try tracking their monthly recurring spending on a spreadsheet, using their bank’s app, or enrolling in a free service, like Trim or Hiatus, to catch those monthly bills.
From there, subscribers can decide what stays and what goes. What might be worth the cost based on frequency, or what is worth canceling because they didn’t even realize they were signed up. For instance, you might decide to save on streaming services and reduce the number of subscriptions you have on that front. (Learn more at Guide to Prime Loans).
Stock photo and footage/istockphoto
Buying groceries is an essential part of budgeting, but it’s one everyone should keep an eye on. Purchasing too many groceries, or creating food waste can be a big wasted expense. The average American throws away 219 pounds of food a year, and the average U.S. family of four will throw away $1,500 worth of food in a year. Meal planning and buying only what’s needed can help spend less on food and reduce waste, too.
But, groceries aren’t the only area where money is wasted on food. The average home in America spends nearly plenty on food away from home, which includes home delivery.
Dining out is great for special occasions, and, yes, ordering in makes sense sometimes, too. But eating even a few more meals at home a week can lead to some serious long-term savings.
LordHenriVoton/istockphoto
When a purchase is one click away, buying things on impulse becomes almost automatic. It makes ordering new pens or purchasing a latte on the way to work easy, and many of us rationalize the purchase because it’s only a dollar or two.
But a dollar or two adds up faster than most of us think. According to one recent survey, the average American can spend as much as $300 a month on impulse purchases.
Impulse spending ranges dramatically from shopper to shopper, but curbing it can look the same across the board. Try implementing the 30-day rule on most purchases. That means letting something sit in a digital shopping cart for 30 days before determining if it’s worth purchasing.
Slowing down the buying cycle can help separate want from need and prevent purchases that are forgotten moments after the transaction.
oatawa/istockphoto
Some of us leave cash sitting on the floor of our closets. Ordering clothing and other items online has become fast and seamless, but when something doesn’t meet our expectations, returning it becomes a chore. So we let it sit.
Obviously, summoning your energy to deal with unwanted items and return them is one solution. But here’s another: Buyers with a closet full of unworn clothes (some of which are probably just sitting there because you got tired of them) can try to recoup some of the money spent by finding places to sell your stuff. These can range from local consignment shops to online marketplaces like Poshmark or Depop. (Learn more at Home Affordability Calculator).
Bet_Noire/istockphoto
Transportation costs are a necessity in budgeting. But, many of us don’t account for the true cost of transportation, whether that’s fees associated with parking, or the occasional Uber ride.
Owning a car comes with additional expenses, such as gas, insurance, and maintenance, not to mention parking expenses, which can add up quickly.
Moves to make include figuring out how to save on gas, DIY-ing some simple car maintenance jobs, and opting for public transportation when possible.
monkeybusinessimages/istockphoto
Many Ameicans might not even realize how much they’re being charged simply for accessing their money. The average bank overdraft fee is around $35. If a person isn’t paying attention, they could overdraw multiple times before realizing what they’ve done and end up with a negative balance.
Some banks will even charge customers just for holding an account with them. The cost of these service fees vary, but average to more than $5 per month.
Finally, ATM fees can take a chunk out of a customer’s account in moments. When someone chooses to use an ATM outside of their bank’s network, they’ll pay $4.66, on average, each time they withdraw money.
mladenbalinovac/istockphoto
There are ways to reduce the amount of money you may be wasting, from finding a better budget to cutting down on food and car costs, to lowering the bank fees you are paying.
This article originally appeared on SoFi.com and was syndicated by MediaFeed.org.
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
Communication of SoFi Wealth LLC an SEC Registered Investment Adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at here. Liz Young is a Registered Representative of SoFi Securities and Investment Advisor Representative of SoFi Wealth. Her ADV 2B is available at here.
Torjrtrx/istockphoto
ljubaphoto/istockphoto
Featured Image Credit: JLco – Julia Amaral/istockphoto.
