When you sail through difficult waters, you want a crew you can count on through the storm. Similarly, businesses need to build good relationships with their employees. You want a workforce that will not “abandon ship” when faced with challenges. Fortunately, there are a number of ways businesses can invest in their employees to create a symbiotic relationship and overcome challenges both small and large.
Investing in Employees Ensures Long-term Success
When a business invests in its employees, it builds a positive loyalty among the workforce. Some businesses invest in their employees by encouraging them to learn new skills or recognizing individuals that do exemplary work. Even something as basic as getting health coverage for employees to buy into at a discounted rate goes a long way toward building a loyal workforce. Encouraging employees to participate in discussions and offer ideas on how to improve the business gives everyone a sense of self-worth and that they are contributing to future successes.
How Small Businesses Invest in Their Employees
Small businesses may not have the capital resources that larger and more established organizations do. Getting employees the right equipment so they can do their jobs easily and more efficiently, getting access to training programs, or even bolstering the workforce by hiring new people to fill additional and necessary roles takes capital. SBA loan programs provide the capital necessary for small businesses to get the equipment they need, as well as implement training and benefits programs to invest in their employees for the long term.
Investing in the Face of Major Challenges
The COVID-19 pandemic created a number of challenges for businesses and employees alike. Sustaining payroll and benefits can be difficult without outside assistance. Paycheck Protection Program (PPP) loans are designed to assist business owners in keeping operations running, and by extension, keeping their employees working with benefits. With PPP loans, businesses can receive financing to maintain payroll and benefits and continue investing in employees. These PPP relief and recovery loans come with provisions for debt forgiveness with the caveat that the loans must be used to keep employees paid and working to ensure the success of the business.
At Nanaki Capital, we recognize the importance of investing in employees and how important they are to the success of your business, and the economy at large. Contact our offices today to learn about our SBA loan programs. Remember, we can all make it through if we help each other.