30 Nov 2012

High turnover hurts small businesses

A high turnover rate is never any good for a business, but for a small business, it's effects can be devastating. A recent report by the Toronto Star said that a high turnover rate affects employee morale, reduces productivity, increases training and hiring costs and takes owners away from day-to-day responsibilities.

Small business owners in the Toronto area on a tight budget should consider utilizing self storage facilities. Units can be used to store documents and streamline office operations.

“Eventually it creates costs,” Knud Jensen, professor of strategy and entrepreneurship at Ryerson’s Ted Rogers School of Business Management, told the news source. “If you have a person who’s been with you for ten years quit, it leaves a gap in a small company in a way that doesn’t matter as much to big businesses.”

Small businesses should set their own benchmarks on turnover rates. A performance metric will lay the numbers out for small business owners and, then, they can go from there.

As the world grows digital, many are turning to online storage for their documents. However, it's always a good idea to have physical backups. Jiffy Self Storage is a leader in Toronto storage and can provide plenty of space for important files and other items. Those interested in learning more should visit Jiffy's website, where they can enter to win a free iPad 3.

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