Part of owning a business includes the thrill of growth and worry during a decline. Sometimes you can anticipate growth or decline, but other times it comes as a surprise.
When you encounter lean times, it can remind you of the uncertainty that came with starting your business. While it may have been a long time since your business experienced times when you were anxious about the future, there are valuable lessons that you can apply the next time you face challenging times.
Here are some quick tips for helping your business during a decline.
Reexamine the budget
In all kinds of budgeting, it is easier to find ways to spend or invest than to find areas where you can save. It may seem overly simple, but you may find natural areas to trim when you look at the budget during a lean time.
Often, as your business grows, your budget expands with your success. You find ways to reward employees or make your work environment more pleasant.
You may not want to reduce budget areas like employee incentives long-term, but as you work through a tough time in the budget, it might be an expense you can put on hold.
Look at the on-campus demands of your business
With more businesses using remote employees, it might be time to consider whether you can do the same. There may be some people that need to be in a physical location, but people who have tasks such as marketing, bookkeeping and answering phones could do the same job from a home office.
If you lease office space, as you get close to time to renew, look at how much space you and your staff genuinely need. There may be staff who can do their jobs remotely so that you can use a smaller amount of space.
Before you begin letting employees work from home, create a clear policy centered around your expectations. Give them time to think about the plan and how it will apply to them.
Keeping these two ideas in mind can help you prepare for unforeseen and catastrophic events.