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It’s said the only two certainties in life are death and taxes, but they overlooked one — change. Just as surely as we move from one day to the next, things shift. This is especially true in business, where one morning might bring the announcement of a new competitor or the acquisition of a critical client account and the evening brings the closure of another.
No matter what type of business you’re running, from a non-profit to a major corporation, you are being squeezed when it comes to resources, personnel, and time. You are expected to do more and more with fewer and fewer assets.
In addition to that, the stock market has been swinging wildly in response to the uncertainty brought on by Brexit, COVID-19, and oil price drops, to name a few factors.
What can business owners do to keep their heads above water in difficult times? Here are some tips.
Focus on Retaining Key Personnel
A great employee can do more than just their own job. They often go above and beyond, and their presence provides a morale boost for everyone they work with. During difficult economic times, it’s essential not to take your employees for granted and instead to focus on retention.
You can do this by making sure your records are in order so there aren’t any errors in payroll or promotions that cause discontent. Check in with managers and make sure they are supporting top employees in every way they can. If you can, talk to the employees themselves and learn what ideas they have for improving operations and customer service — and then take action.
Replacing employees is costly in purely financial terms, but many times the true damage is in the training, knowledge, efficiency, and team spirit that walks out the door. Do everything you can to retain these folks, especially during tough times.