Gill McAteer , Director of Employment Law at Citation , speaks to us about the five ways businesses can prepare for a recession and minimise the damage it may cause .
Recession is a word that guarantees to send shivers down the spine of business owners . With interest rates skyrocketing and higher inflation causing a cost of living crisis , it may be inevitable .
It shouldn ’ t be a case of holding your nerve until the worst is over and green shoots start to reappear . There are steps you can take to navigate the turbulence , keep yourself out of panic mode and get your business ready to face anything .
So , here are five clever ways to recessionproof your business . . . .
1 . Communication is key
While it might be tempting to remain tightlipped on the challenges a recession may bring , your team know what ’ s going on – it ’ s everywhere .
And so , they will appreciate any effort you put into keeping the lines of communication clear and open ; this could look like scheduling regular get-togethers to update everyone on performance together . Here ’ s how you can lay out how you will tackle the upcoming challenges . Set up an employee forum so your teams can have a say , ask questions that are on their minds and even make some cost-saving suggestions . Sometimes the greatest ideas come from places you ’ d least expect .
Additionally , if you do need to introduce cost-cutting measures that affect your staff , like a pay freeze , explain to them why you ’ ve come to this decision and that you ’ ll keep it under review . Honest conversations help stop resentment in its tracks .
2 . Boost morale with small – but important – gestures
It ’ s easy to lose sight of the bigger picture when you ’ re battling an economic downturn . Keeping your business afloat is , naturally , your top priority . However , don ’ t forget that this is happening to your staff too . www . intelligentfin . tech