What to do when Times are Tough for Small Business.....

Small Business....

What to do When Times are Tough.

Sometimes things don’t go as well with our business as we have hoped.

Clients delay purchases, suppliers raise prices, competitors steal market share or the economy goes downhill.

Suddenly there’s not enough cash coming in and the pressure quickly mounts to do something.

Unfortunately, the wholesale reduction of the workforce has become an automatic response for many businesses.

In most cases the costs of staff layoffs, such as low morale of remaining staff, reduction in customer service and decreased productivity, generally outweigh any savings to the payroll.

Here are some ideas that will have the least negative impact on your business.

1) Reduce payroll with time off.

2) Introduce 4 day week.

3) Staff take leave.

4) Don’t replace staff when they leave.

5) Make pay cuts.

6) Restructure.

7) Retrain Staff.

All the above are better than staff losing their jobs altogether, and better for your business in the long run.

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