Having fun in business is a strategic advantage and can make a critical difference for your business bottom line.
Here at LGAS one of our core values is fun and we believe our value of fun is what has sustained our success over the 22 years we have been operating.
1) You retain key staff
People want to work in a work place that is fun.
Things are never perfect in business. That can have flow on effects to staff morale. But if staff are having fun where they are working and enjoying themselves, that can counter many of the other issues which arise which can affect morale.
When morale is high and people want to come to work in the morning, they are much less likely to start thinking about options for where else they might be able to work.
Right now the unemployment rate in Western Australia is at a very low 4-5%, and that means it is harder to retain key staff.
Key staff are very expensive to replace. A significant portion of an employee’s wages are spent on the recruitment process – and that comes with no guarantee that the replacement will work out.
Therefore is it critical for the long-term profit of a business that key staff are retained. Having a fun company culture is a very good way of retaining key staff.
2) Business is a marathon, not a sprint
If you want a successful business, you will need to put sustained effort in over a long period of time.
That long period of time will have ups and downs. One of the few certainties of business is that there will be challenging times.
That means you need to be able to relax and have fun. If you don’t learn to have fun while in business, your risk of burning out is higher, and if you burn out your business will likely fail.
3) Employee productivity increases
Employees are more productive when they feel their work has purpose and they enjoy coming to work. Having a fun work environment means people will be happier overall while they work.
That’s good news. A recent study showed that happy employees can be up to 12% more productive.
That means having a fun culture and having a productive culture can be the same thing, if you do it right.
Your employee productivity is a critical factor for your net profit in business because it will increase your gross profit margin. If you would like to read more about how employee productivity increases your net profit check out our article on profit here.
The fact that having a fun company culture leads to increased productivity is a win-win for both business owners and employees.
Having fun will allow you to make more profit and therefore… have more fun!
If you would like help making your business fun, get in touch.I’m interested in business help