18.2 C
London
Saturday, October 1, 2022

A survival guide for entrepreneurs

Must read

PM Modi inaugurates India Mobile Congress, experiences 5G devices on display

Prime Minister Narendra Modic experienced several on Saturday 5G use cases here first hand, along with driving a car remotely and enjoying augmented reality/virtual...

How Hawaii reduced the number of girls in prison to zero

Hawaii reached the milestone of no more girls in its single juvenile detention center earlier this year — a first in state history, officials...

Firefly Aerospace reaches Earth orbit for the first time • londonbusinessblog.com

There is another space-proven private launch company in the club - Firefly Aerospace. The company's tiny Alpha rocket successfully reached Earth orbit on...

Web3 Banking Platform Juno Raises $18 Million, Launches Tokenized Loyalty Program • londonbusinessblog.com

Juno, a startup that offers checking accounts to crypto enthusiasts and allows them to take their paychecks in digital tokens, has landed another round...
Shreya Christinahttps://londonbusinessblog.com
Shreya has been with londonbusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider londonbusinessblog.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

If you’re reading this, you don’t need to hear how crazy it is right now. Commodity prices are rising and most people are feeling the effects of this economic downturn.

We’re not really in a recession, although most analysts predict it could happen in 2023

At American Management Services, we consult with owners on how to adapt a plan to protect the integrity of their business through a crisis.

Our economy has been trying to get out of the covid-19 pandemic. Now all business owners are faced with inflation, rising fuel and food costs, interest rate hikes, labor problems and supply chain challenges.

We’ve worked with owners for nearly 40 years who have guided them through every economic downturn, downturn and recession. This survival plan is based on our experiences and guidance from those owners.

With our proven track record, we are confident that following this guide will work for you too.

Your goals

In this two-part series, we’re going to walk through the three key areas that are essential to your business. We’re also going to give you strategies that you can implement starting today.

You should focus on protecting:

  • your people
  • The integrity of your business
  • Your liquidity

In this article, we’re going to focus on protecting your people.

These three areas must be worked together and each depends on the success of the other in order to work. We call them ‘closed loop’.

Protect your people

Develop your own leadership regime:

Keep your sanity

Be real with your current situation and design, then develop and implement practical and achievable plans to overcome your challenges. You must be a functional and consistent leader through practice, not just on paper.

Staff planning

Develop Manpower Look-Ahead plans to ensure you have the right amount of labor to work efficiently for the labor dollars spent.

Nice name, but this is a schedule you create – usually two weeks in advance – where you can see activities and goals for specific projects.

Communication planning

This goes without saying, but most owners fail to communicate their plans to their employees.

Once you’ve developed a plan (if you need help, see this article), communicate with your staff, especially if you have people working from home.

Working from home

Use technology and performance metrics to ensure your stay-at-homes maximize their productivity. I recommend implementing daily and weekly reporting requirements to hold your staff accountable to the goals you have set.

Recruitment, training and retention

With inflationary winds blowing, one company’s misfortune is another’s opportunity. You may have a golden opportunity to find and recruit new talent.

You also have an extraordinary opportunity to train and develop new and existing employees to fill roles and functions within your organization. We recommend that you take advantage of this time!

Integrate recruitment, training and retention into your daily routine.

Developing incentive-based pay

We believe in pay-for-performance, even in the best of times, and we certainly believe the same in today’s economic environment.

Productivity is vital for survival relative to your labor expenditure: develop a rewards-based compensation plan to ensure maximum productivity. We’ll go into this in more detail.

Your staff will be highly motivated to drive results no matter how revenue is impacted.

You don’t want to stay in the ditch. Stay tuned next week to learn how to protect the integrity and liquidity of your business. Click the “Follow” button here on londonbusinessblog.com to make sure you don’t miss our follow-up.

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

PM Modi inaugurates India Mobile Congress, experiences 5G devices on display

Prime Minister Narendra Modic experienced several on Saturday 5G use cases here first hand, along with driving a car remotely and enjoying augmented reality/virtual...

How Hawaii reduced the number of girls in prison to zero

Hawaii reached the milestone of no more girls in its single juvenile detention center earlier this year — a first in state history, officials...

Firefly Aerospace reaches Earth orbit for the first time • londonbusinessblog.com

There is another space-proven private launch company in the club - Firefly Aerospace. The company's tiny Alpha rocket successfully reached Earth orbit on...

Web3 Banking Platform Juno Raises $18 Million, Launches Tokenized Loyalty Program • londonbusinessblog.com

Juno, a startup that offers checking accounts to crypto enthusiasts and allows them to take their paychecks in digital tokens, has landed another round...

How to watch Tesla’s 2022 AI Day event

We don't have many details on what will be announced, but based on the invite, we'll likely hear about the "latest advancements in artificial...