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Avoiding Layoffs

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Introduction

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. ...read more.

Middle

The atmosphere at your company should encourage energy and spirit. As a business owner you need to be able to evaluate your leaders and followers; you must also be right there with them in the mix as part of the team (2007). A business owner should consistently monitor the external environment and identify threats and opportunities for their company (Yukl, 2005 pp. 373). In order to grow revenue you need to know what product is in demand and how customers are reacting to your current products (Yukl, 2005 pp. 374 - 376). You may find that it will benefit your company if you develop new products. Try to keep an edge on your competitors by knowing who your primary competitors are and what they are selling, the strategies that are using in their companies, and how their products compare to yours (Yukl, 2005 pp. 374- 376). A small business owner needs to recognize the importance of understanding how to compete in today's market. ...read more.

Conclusion

Cutting back on what is known as perks may also help you to avoid layoffs (Judd, 2009). If you provide donuts and coffee let your employees no that they may have to provide for themselves for a while or go without. Inform employees who are reimbursed for toll road, gas, business lunches, or even company cars that in the current economic situation you may no longer offer these amenities. It is important to maintain communication with your employees if you plan to use cut backs. When employees become anxious and uneasy leaders should take extra efforts to communicate openly. You can alleviate a lot of stress if you include a good cutback plan in your beginning strategy. In troubled economic times it becomes hard to keep your head above the water, but if you have first class leaders and followers you may be able to swim to shore. Also, keep in mind that a major part of your strategy should be how your business will remain lucrative even in times of economic uncertainty. ...read more.

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