Review your business priorities
The sudden change in trading conditions may mean that you need to rethink your business strategy. Have a look at your current plan and consider the following questions:
• How does your business compare against the trends in your business sector?
• Is the plan still relevant in the short and long term or do you need a new one?
• What opportunities did you dismiss previously? Are these now relevant?
• Are you able to move more swiftly or creatively than your competitors?
• How does it impact on your staffing with respect to numbers and skills required?
• Do you have target milestones and do employees know how they can contribute to the overall plan?
• Have you identified the key skills required to pursue new opportunities?
• Do you have an up-to-date list of your employees’ competencies? How can they contribute to the survival and success of your business?
• Is cash-flow an issue now or projected to be? If so, are you able to secure funding?
• Which costs can you cut or reduce without damaging the future viability of the business?
• Do you need an external perspective? If so, do you have trusted business advisors who can help?
Any review of the strategy may affect the staffing needs of the business and the impact on employees must be considered alongside all other criteria. For further advice and assistance contact Helen Astill on 01684 594773.
Posted on 19 Nov 2016