Ten tips to survive the recession
by investor on 03/01/09 at 1:01 pm
Here are 10 things you can do this year to help your business survive the downturn:
Focus on existing relationships Trust and faith are the currencies that count: Now is the time to stay in close touch with customers and suppliers. Let them know how you’re doing, what’s new and what’s special. Don’t just talk: listen, too. Look for new ways to do business together. Business is always about people; in tough times it’s about doing business with the people who like and respect us most.
Keep employees in the loop
Remind them you’re under pressure and you appreciate all that they do. Make sure they have the knowledge and tools they need to sell more, attract new business or keep costs down. Never underestimate the power of a team that’s aligned, informed and appreciated.
Reward your most effective, loyal employees Some people don’t like secret bonuses, but there’s no law that says you have to treat good and bad employees equally. If you’ve had to impose a general wage freeze, for example, you might offer your best (and most at-risk) employees a one-time cash bonus, or even a certificate for dinner at a nice restaurant. Little things mean a lot, especially when they’re unexpected.
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