Weathering an Uncertain Financial Climate

Posted by: Rod Kurtz on May 26, 2008

It’s time to evaluate the fiscal health of your small business and to shore up practices in case of a financial storm. Some areas for your attention might include:

• Spend one day a week with "one level down" and "front-line" employees. Find the time to broaden your perspective and ensure that you live and work in the real world. Valuable insights are available from front-line employees and the direct reports of your peers.

• Fix the top service issue. Stop ignoring or excusing problems; instead, seek out root causes and create a realistic improvement plan. Delivering on the basics maintains your organization’s credibility.

• Identify one strategic change that will show a positive return to your organization. Establish priorities and criteria for evaluating future opportunities. Take a risk and then seek to engage participation at the broadest and highest level you can.

• Manage by the numbers. Monitor what you are doing in terms of productivity, service, retention trends, and added value. Include both operational as well as financial metrics.

• Be the good guy. Create a service organization that demonstrates respect and appreciation for all your internal and external customers in word and deed.

• Do not allow yourself to be ruled by circumstances. Accept setbacks and then move forward.

• Recognize the contributions of others and say thank you.

Mallary Tytel
President and Founder
Healthy Workplaces
Sioux Falls, S.D.

Post a comment

 

About

Want to improve the way you run your business? Entrepreneurs, academics, and consultants from diverse industries offer practical advice on a variety of topics each business day.

To submit a tip for consideration, first check our archive of previous tips to make sure you're not repeating a tip someone has already contributed. Then send the tip to Small Business channel contributor Michelle Dammon Loyalka. Because of the volume of material she receives, she may not respond to each individual.

BW Mall - Sponsored Links

Buy a link now!