Building transparency goes a long way toward building trust and making us all feel we are part of the solution during difficult times. Allow me to make one thing clear concerning decision making in the downturn. All problems are the result of inept decision making.
Every crisis could have been avoided by making better decisions earlier. Below are four additional tips from Entrepreneur:
Result: Bad hires who are costly and time consuming.
When you’re overwhelmed and overworked, it’s easy to make hiring mistakes. That’s why relying on contractors is a great policy. Check out sites like TaskRabbit, Assistant Match, or Marketing Sherpa for administrative, bookkeeping, virtual marketing, and other help. Rates can be surprisingly low. Have a lean team, and hire extra hands for the heavier times. Try out your team members as contractors first. Then, once they click with your team and share your values, bring them on as permanent hires.
Not Watching Your Profit.
Result: Financial pressure due to propping up ailing products, divisions, and accounts.
Sometimes you can sell your way out of a recession, yet at all times you need to streamline expenses and adjust your financial strategy. One of our clients recently outsourced an entire division of their company. It hadn’t been profitable, and the other divisions were supporting it financially. Yes, the decision was painful and resulted in a lay off. Yet it had to happen for the health of the company. The outsourced division now generates a healthy profit. […]
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Jim is president of InnoThink Group a human resources and leadership management consulting firm. He has an absolute passion for people development and are constantly refining and adapting his programs in order to ensure that they have the maximum impact on those we serve.