To help your business survive and thrive during these uncertain times, here are some examples of decisions around your staff that you could take to help make your cash last longer and your business survive and thrive.

Remember for most business your staff is your most important asset.  You need to make sure you look after them, otherwise when the economy turns, they may leave you and you can’t deliver when the opportunity is there.

Key decisions you can make around your staff include:

1. Identify those staff that support your existing customers and those who don’t.
2. For those staff that are not supporting your existing customers, determine what you can do to reduce costs. Do you really need this position?  Can they work 4 day weeks for example with a commensurate pay cut?  Will they take a temporary pay cut to keep their job?  Do they have leave they can take?
3. For those staff that are supporting your existing customers what can be done to make them more effective and efficient so they better serve your customers for less cost.
4. If you are cutting salaries, make sure you are taking less as well. Staff won’t like if they are the only ones with reduced incomes

Just remember:

• More effective means doing the right things, or more importantly stop doing things that don’t add value.
• More efficient means doing things right or more importantly stop causing a bunch of rework by doing things wrong the first time.

Just be aware that inefficient and ineffective staff are often outputs of inefficient and ineffective systems and processes.  In this scenario, don’t forget one of the golden rules which is, challenge all business assumptions and ask if the business can be done another way.

Questions around inefficient and ineffective processes are great questions for the staff in the area as they generally know what works and what does not work.

And here is another interesting point.  It is always easier to change processes in slow times than rush times.  In rush times people take shortcuts, which may hurt in the longer run.   In slow times people have the time to implement the change properly and things run smoother afterwards.

Look out for more strategies from my Business Survival Guide to ensure your business can survive and thrive during these uncertain times.

Need help to identify inefficient and ineffective systems and processes?  Need help to change systems and processes?  Use the below form to contact me or call me on 0412 227 052.

Contact Wayne Wanders for your FREE Business Survival Session

To ensure I help your business specifically, the best approach I have found is to have an obligation free session with you.  In this session we will review your current business in a factual and objective manner, to better understand the challenges that you face.  And this session does not need to be face to face.

At the end of this session, you will have multiple ideas on how your business can survive and thrive in these uncertain times.

Simply fill in the contact form below or email me at wayne@aRealCFO.com.au or call me on 0412 227 052 to organise one of these obligation free sessions.

To get help you successfully navigate your way through your financial challenges so your business can survive and thrive in these uncertain times, simply use the contact form on the left to email Wayne or call him on 0412 227 052.

Let Wayne Wanders, a fully qualified and experienced CFO, help you successfully navigate your way through your financial challenges so your business can survive and thrive in these uncertain times.

Wayne Wanders, A Real CFO

wayne@aRealCFO.com.au