There’s nothing more frustrating than to get an order from a client that you cannot fill. Not only do you lose the revenue from the order, you also run the risk that the customer will start doing business with a competitor. If you can’t deliver a product or service when the client shows up, you may lose all future business to the guy down the street.
“I’m not in the food business- I’m in the human resources business”.
That was a comment made to me by a McDonalds franchise owner 10 years ago. The comment has stuck with me. Fast food restaurants have constant turnover in staff. That issues requires a huge investment in hiring, training, evaluating- and sometimes firing- staff. So what happens financially when you increase the hourly rate of pay across the board?