Masonry Magazine December 1993 Page. 46
DON'T CUT COSTS
Information Systems - Whether manually operated or computerized, good information systems help you monitor the health of your business, the work of your employees, the movement of your services, and much more. If your information systems are not computer driven, a business downturn might be the perfect time to install a new system; you can often free up some staff time over the short term and, if the downturn persists, good information systems may even allow you to cut staff costs.
Insurance - Insurance protects you from a wide variety of catastrophes, human and natural. Don't hesitate to examine your coverage needs when things are tight. But don't slash your coverage indiscriminately; you'll only reduce valuable protection that could make the difference between the life and death of your business if a major catastrophe occurs.
Intangible Benefits - It's possible that you may be faced with salary or bonus reductions when money is hard to come by. That's understandable, and perhaps, inevitable. But be wary of cutting relatively low cost benefits that have high symbolic value for your employees. Days off on employees' birthdays, inexpensive holiday gifts and staff gatherings, for instance, might be extremely important in maintaining morale during times of trouble.
Marketing - Marketing is not synonymous with advertising. While advertising concerns itself with paid media messages directed toward your constituency, marketing more broadly attempts to match existing and new customers to your services. It can include market research, public relations programs, sales promotions and much more. Aggressive marketing might be one of the few ways you'll attract new customers during hard times.
Meetings - Yes, meetings can be among the most frustrating and unproductive of business activities - especially in-house meetings. But when times are tight, your people need an opportunity to communicate face to face with each other and with you. If they're planned well, meetings can help maintain an aura of calm, candor and stability and can give you an opportunity to motivate your employees to help meet the special demands you're facing.
Physical Appearance - Yes, you may have to pare your budget when it comes to purchasing property, equipment and vehicles. But don't slash it. Attractive surroundings can make all the difference in the world to the customer seeking to do business with a solid firm that looks like a winner. When times are tough, this might even be the time to spruce up your surroundings with low cost amenities and decorations.
Training - Unfortunately, managerial and employee development is often among the first expenses to be cut when money is tight. Yet, if you carefully select training programs, seminars, college courses, books and tapes that focus on business growth and productivity, you may find these training resources becoming one of your best survival tools.
When times are tough, you'll want to cut expenses. And you should. The measure of your business acumen during these difficult times, however, will not be the size of the cuts you make, but the wisdom you employ in making them.
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46 MASONRY-NOVEMBER/DECEMBER, 1993