Effective Management During an Economic Crisis

This month we’re doing something a bit different–we have a guest post from Holly McCarthy. Please be aware that Ms. McCarthy is not affiliated with PJM Consulting, and the views expressed in this post are her own.

In the current economic climate, there is much that can still be done to turn business around. Certainly, technology has come a long way in helping businesses to maximize productivity with a minimum amount of manpower. While this is a great advantage over the economic crises of years past, the fact remains that effective management and leadership is still a key factor in maintaining the integrity of any business that wants to stick around after the dust has settled.

Leading by Example

Management will need to take the reins of companies and lead by example for the best results as the economy continues to waver in the coming months. Being able to roll up one’s sleeves and get down to business will show employees just what it takes to get the job done right. Unemployment is at its highest in nearly sixteen years, so many people may be in fear of losing their jobs. Showing that you are ready and willing to help out in the trenches will help boost morale and bring your team together in the process.

Ask for Input

Crowdsourcing is becoming increasingly more popular among businesses. While you may not wish to go outside the scope of your company for ideas, asking those who work for you for suggestions and ideas helps bring employees together and builds a stronger office culture in the process. Getting ideas from those within the company and giving credit where credit is due is a very effective way to turn things around and get your business back on track.

Trim the Fat

Unfortunately, there comes a time when a company must make the decision to let go of some employees. Take time to carefully evaluate your staff and find out where the weak links are. Some duties may need to be consolidated into other positions and this should be done within reason. The employees who are left will more than likely be happy to take on a few extra duties to secure their jobs. Although this is not the best possible solution, it may be the only way to help keep a business afloat.

Be Proactive

It is very important in these times to refrain from being reactionary. While things may continue to change from day to day, create a plan of action for keeping your doors open beyond the crisis. What changes can be made? Where can money be saved? Look at all of your options and leave no stone unturned; figuring out a way to stay afloat and ahead of the curve should be your number one objective until things turn back around.

This post was contributed by Holly McCarthy, who writes on the subject of the job search. She invites your feedback at hollymccarthy12 at gmail dot com