If America wants to get going again, what it needs is a jab in its corporate backside. With economic growth slowing, businesses large and small across the country finding themselves increasingly caught in a rut, it’s time for a reality check. Some drastic measures are needed to reinvigorate corporate America and make sure our economic engine keeps running. In this article, we explore why America needs a corporate kick-start and what steps can be taken to make it happen.
1. Unlocking the Potential of American Business
The United States of America’s economy has long held the potential to be the biggest in the world. Unlocking that potential means reinvesting in the American workers and business owners that have the capabilities to drive their industries into the future. By focusing on these investments, America’s potential can be embraced and fully realized.
One avenue for exploration is to create a tax plan that encourages businesses to hire Americans rather than outsourcing or utilizing off-shore labor. This will provide more opportunities to citizens from coast to coast, thereby uniting Americans through economic growth. Additionally, businesses should be incentivized to focus on energy-efficient building policies, renewable energy production and new technologies that benefit the environment – a triple-hit of economic, environmental, and humanitarian impact.
- Reinvest in American workers and business owners
- Create a tax plan that encourages businesses to hire American workers
- Provide incentives for businesses that focus on renewable energy production
2. Time to Give Corporate America a Well-Deserved Jab
We often hear about corporate America and its outsize profits. However what isn’t discussed often enough is corporate America’s astronomical amounts of debt. How exactly did companies snowball from reasonable debt size to gargantuan debt levels? Below is what fuels corporate America’s growing debt:
- Dishonest Business Practices
- Bloated Executive Bonuses
- Tsunami of Buying Back Shares
- Poorly Managed Acquisition Deals
Fortunately, there are several remedies that can restore balance to corporate America. The first step is to bring transparency to executive compensation. How can a company truly be sustainable if their CEO is making 5 times what their machine operators are? It’s time to end the culture of rewarding failure. Furthermore, corporations should look to reward long-term investments over quick stock buybacks. In addition, smarter investments should be a top priority for corporations. Mergers and acquisitions should be thoughtfully considered rather than recklessly pursued.
3. Opportunities for Corporate America to Step Up
Corporate America has incredible opportunities to step up, both to help their own employees to succeed and to be a socially responsible member of their community. We’ve identified some key areas that can help lead to success.
- Providing training: By offering online or in-person professional development courses to staff members, companies can expand the skill set of employees and help them in their journey to success.
- Creating career paths: Companies should ensure their employees have defined growth paths with well-defined responsibilities, goals, and expectations.
They can also extend the reach beyond their own walls to the larger community. Companies should consider:
- Creating partnerships: Companies could partner with local schools and organizations to advance educational opportunities and help them in their efforts to bring more jobs to the community.
- Contributing to community cleanups: Corporate America can organize clean up efforts and other initiatives to improve their local environment.
4. Reaching New Heights of US Competitiveness
Competition in the global market seems to increase daily, and the US cannot afford to fall behind. To rise to the top, organizations must strengthen their competencies and focus on forging ahead in new ways. Here are a few of the measures businesses can take to boost their supremacy in the global arena:
- Focus on innovation. Every day, the world of technology expands and businesses must keep up or risk getting left behind. Allocating resources to innovate and integrate new technology into processes is essential.
- Deliver results. Consumers have high expectations and demand quick responses to inquiries. Companies must strive for fast, reliable service delivery in order to stay on top.
- Enhance customer experience. Leveraging data and digital profiles to personalize customer experiences is a great way to remain competitive. This can result in customer loyalty and boon for the business.
Fostering a culture of high-performance is also essential for any organization to reach new heights of competitiveness in the US. Employers must create an environment that encourages employees to strive for excellence and create an engaging work place. This will help to produce the best results and increase overall market share.
America needs a jab in its corporate backside. It looks like it’s ready to move forward but, to be sure, it needs a generous dose of competitiveness and ambition to reach the glorious heights of greatness. A new spirit is needed at the corporate level, where high-mindedness and creativity should be the guiding stars of progress. With newfound vigor and a drive for excellence, America can move up the global ladder and realize its potential as a worldwide leader.