Make The Right Moves During Business Downturns
Downturns and slowdowns are inevitable in every company. In order to weather slow periods, you've got to cut costs and build business. How you do each will have a major impact on the future of your business. There are typically three causes for a business slowdown, according to author, an industry- or sector-specific decline, or a business shortfall in which your organization, for whatever reason, can't fulfill its promises. Whatever the cause, when faced with a business downturn most business owners panic. Once they see that denial is not reversing the situation, fear seems to kick in and fear-based actions are taken. Those actions, which include making irrational and irresponsible cuts to staff, budgets, benefits and more, often debilitate a business further.