Avoiding Layoffs

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Running head: Small Business

Michelle Myers

LEAD 3301

Small Business

Professor Larry Thompson

March 23, 2010

OLLU

Small Business

One of the most important things you should have when you set up a business is a strategy. A major part of your businesses strategy should be how your business will compete efficiently in the marketplace and remain lucrative even in times of economic uncertainty (Yukl, 2005 pp. 376). Developing a strategy is one of the most important actions a company will engage in.

First your strategy should include clear and focused goals and ground rules for achieving those goals (Develop, 2010). The people working for you should know where the company is going and how it will get there; it is important that the team members and leaders stay informed on company goals and progress. Next, to avoid a downfall in profits it is vital that you have leaders in place that can evaluate the need for a major change in the current strategy and who are able to evaluate the likely outcomes of a new strategy (Yukl, 2005 pp. 377- 380).

It is