Park City, as an outsourced HR and Health & Safety Consultancy, have provided some simple recession advice and tips, to ensure that businesses can run as efficiently and productively as possible in this difficult economic environment:
1. Meet from afar:
Is every business journey necessary? Think of the amount of wasted time and money that it takes to attend a one-hour meeting away from your office. More often than not, you will find that the meeting can be just as productive if it is held over the phone.
2. Be transparent:
Chances are your employees will be feeling much more stressed than normal, even if they don’t realise it. Holding secretive meetings will only increase the pressure, so keep them informed and involved in decision making, and let them know about changes as soon as feasibly possible.
3. Employee’s welfare:
In a period where you would expect workers to give their all to their job, we have experienced rising levels of absence throughout 2008. Stress is believed to be its primary cause. In order to combat this, why not introduce initiatives such as: regular five minute breaks from the computer and real lunch breaks, rather than working through, or even coordinate fun team building or ‘energizer’ exercises at lunch times?
4. Introduce flexible working:
Flexible working enables people to balance work and life, especially if they have children, and it allows companies to retain talent and experience in the work place. Other feasible options would be job sharing, working from home or part-time work.
5. Consider your space:
If you are lucky enough to have extra office space, or rooms that you just don’t need or use, then there is a great sub-letting opportunity. Not only would you be generating extra revenue, it would be at absolutely no cost to you or your business. You could even sell off excess equipment on eBay. Perhaps you should review your premises; could you reduce the rent, or move to a cheaper location?
Focus on retaining your existing customers by the introduction of loyalty schemes, small discounts or regular communication to ensure they feel appreciated. While you’re credit checking new customers, why not call your bank manager to remind him/her that you are a valuable customer?
7. Go green:
Make sure you turn off the lights and computers in the office at the end of the day. Not only will you be doing your bit for the environment, but you will bring that electricity bill down.
8. Promote yourself:
If you are in a position to step up your marketing, then do it. One of the first budgets your competitors will be looking to cut will be their marketing budgets, so if you invest now, chances are that you will have more visibility with your target audience than before.
9. Be positive:
Confidence rubs off on others and often that makes a crucial difference. Don’t forget, a can-do attitude and a smile go a long way.
10. Look to the future:
There will be an end to all of this! By working hard and taking the appropriate actions and precautions, your business CAN and WILL survive the recession.
We, at Park City offer advice and support to companies of all sizes, from SMEs right up to large blue-chip organisations.
Not one business is going through this alone. Making changes to help your business weather the current downturn has every possibility of having a positive impact on your business not just now, but well into the future.