I am a firm believer that you can thrive in tough times with the right attitude and the right approach. Abigail Dougherty, a business coach and author of "The Straight Edge News" writes the following:
That conversation reminded me of two lessons many business owners and managers forget.
"What we do speaks louder than what we say". The corollary lesson is "There is always someone watching". Here are some suggestions for guiding your business through this current economic unrest.
#1 - Foster Open Communications with Your Employees
As the owner/manager it is far better to communicate clearly with your employees on the state of the business. Even if the news isn't positive, letting your staff know the situation keeps them from making up their own stories and taking action based on incorrect assumptions. A client recently lost two of his best employees, who believed the business was in trouble. They sought other employment. The owner was worried about his wife's health, not the state of his business. He didn't think he needed to share what was bothering him, since it wasn't business related. The worry wasn't business related, but it had a profound impact on his business.
#2 - Protect Yourself From Burnout
Burnout from physical exhaustion and emotional strain is rampant in business today. Burnout costs the US economy $350 billion a year. When you, as the owner are working 12 hours days, 7 days a week, it's very likely that your employees are doing similar hours, especially if they are salaried rather than hourly staff. Protecting the physical and emotional health of yourself and your staff has an immediate ROI in reducing medical costs, absenteeism, and worker's compensation claims. It also helps you keep good employees when they can maintain both a personal life and a job. Make it company policy to restrict work communications to reasonable work hours and be the role model for honoring that policy.
#3 - Maintain Your Perspective
It's very easy to fall in with "the sky is falling" chorus that we are fed by the media. Make the effort to get a different view of the situation. Even a devout optimist has to admit that the economy is certainly not where we would like it, and uncertainty is causing people to delay and defer spending for anything not deemed essential goods and services. Charlie Rose recently offered an interesting program, worthy of your time.
#4 - Take Exquisite Care of Customers
Long-term customers and new customers making commitments in this climate both are to be honored. It's a great time to offer a special rewards and incentives for their patronage. My favorite car wash re-introduced their loyalty card system - buy 10 and get 12 washes. They are a little more expensive than their competitors and I like their results better. With the loyalty card, they are the same cost. They have my business for the next several months; and an influx of cash today. Thank you post cards will also payback far more than they cost in continued business.
#5 - Recognize the Gift Wrapped in this Economic Challenge
"If it ain't broke, don't fix it" is a rule most of us operate by. When a business is successful it's very difficult to stand back and really look at what is working and what needs to be modified or dumped from our business practices. Now is an ideal time to reassess your business, your customers, your staff and your processes. Streamline what you can, delete what you can and make every part of your business scalable. When the economy turns around there will be a pent-up demand for every product and service. The companies ready to fill that demand efficiently and quickly will have more work than they can handle. Take the steps now to ensure you are one of those companies.
You can read more of Abigail's great ideas at www.StraightEdgeCoaching.com . If you would like to contact me, you can reach me through my web page at www.amarine.myprospectmortgage.com
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