From The Frying Pan Into the Fire: Post-Covid Business Spending Strategies in a Recession

Regular, honest discussions about what's working, what's not and what needs to be improved can help encourage employees to become invested in your company's success. Apart from open dialogue and encouragement, I would also recommend offering them systematic business outcome-linked incentives to share in the company's success.I would advise small businesses to retain employees and keep them happy rather than planning for the onboarding of hiring new employees.

Many large businesses already follow this and only add people on somebody else's payroll. This also allows companies not to lay off existing employees just to save on costs.Small business owners should not shy away from seeking help. In such a challenging environment, it's understandable that small businesses will need some assistance.

Most importantly, plan ahead and write down your potential course of action in specific scenarios. Talk to key business partners and employees so there are no surprises down the road. People worry about all kinds of things, especially the financial impact on their own finances.Market conditions are challenging to predict, and even experts get it wrong. Maybe we will have a short recession, and the economy will be back to booming in no time.

But one thing you want to avoid at all costs is being caught unaware when you find yourself in a stagnant or negative market. Your end goal as a small business is to hit a balance of frugality and stability. Make it a point not to lose your best employees during this difficult time. Be excited for the feast, but plan for a famine.

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