Archive for October, 2012

How to Turn Your Business Around Amidst a Changing Economy - Part 6

Monday, October 29th, 2012

6. Keep your employees motivated.

During any change in your industry, you need to pay extra attention to your most important asset: your employees. This is the time to make sure your employees are empowered to be the best they can be, especially those who do sales or customer  service, as well as anyone who has direct communication with your customers. As  industries are going through changes and customers have a choice on which companies they will do business with, they are automatically drawn to vendors with upbeat, positive staff. With your management team, brainstorm ideas on how to increase morale. One company started Friday trivia, complete with food and prizes. The company doing this has had amazing results from something so easy, thus creating happy employees, which automatically reflects to their customers.

Additionally, remember to communicate with your employees. One great way is to conduct weekly meetings that are short and to the point. Since a changing economy can be a stressful time for your staff, you need to listen to any challenges your various departments may be having, and immediately address the situation. A staff member who feels heard will be happier and more productive. This is also a time to get your employees’ ideas. Ask them how they would handle a situation your company is experiencing. When you value your employees’ input and opinions, you empower them to take responsibility for the company’s future. Remember that motivated employees attract more satisfied customers, which in turn leads to increased profits. That’s definitely a win-win proposition for any company facing an economic challenge.

Yes, Change Can Be Good

While a changing economy can be a scary time, it’s actually a prime time for growth. If you simply look for opportunities, you will find them. So be aware of economic changes and the potential downfalls, but don’t make it your reality. Remember, only you and the decisions you make can create your company’s reality. In the end, by simply following the three Ps, that is displaying Positive, Proactive Perseverance, you’ll be amazed at your business turnaround and so glad you said “yes” to opportunity.