Remember! Hard times are not just for you. All people are suffering, trying to survive in this mess. That is why you have to be ABSOLUTELY accurate in all your decisions. I’m not saying that before you could deceive people, not be honest and frank. It’s just that during a crisis, the cost of every mistake increases tenfold. You have to think 10 times before making any decision. You have to discuss and explain to your team ALL your small and big movements. Sometimes, decisions may be unpopular, even harmful. But you have to make them for your business survival.
That is why your honesty and openness become the most important ingredient in the survival of your business. Your turn over is decreased, you losing customers, hard to deal with suppliers. All these problems arise in crisis times, require an immediate and ONLY correct solution. You can’t provide this solution without strong help and understanding from your team.
There are a couple of examples that may help you to stay afloat.
You need to cut the wages. Very unpopular decision. But even in this case, you can save the team if you explain everything correctly. You have to explain to your team a couple of simple things: they can leave your company, because of the pay cut. But where is the confidence that they will find the same job with the same payroll? The crisis is all around, all companies reduce the staff. On the other side, that can be patient (like you are) and stay in the company. Hard times will pass by (for sure!!!) and they will be rewarded for there loyalty. The honest boss is a rare thing in our days!
Customer relationships. Try to cut the assortment in order to satisfy your loyal customers. Explain to them that this is a temporary measure in order to serve them better (and sometimes cheaper) during these hard times. Do all that you can to stay in touch with customers, try to explain to them the logic of your steps, HELP them to survive these challenging times.
Suppliers. Due to the decrease in your turn over some payments to your suppliers may be delayed. Try to be on top of these problems and be in touch with your suppliers BEFORE the payment deadline. Explain the situation, divide payments, ask for a postponement. Don’t wait until they will start to push you, start the movement from your side.
These are just a couple of possible problems that you may face during crisis times. ONLY HONESTY and OPENNESS will help you survive and lead your business ship through all the shoals and rocks.
Meanwhile, if you have any concerns – send us your questions here at profit@infinityofprofit.com or give us a call on 0466 593 676.
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