Finance Monthly. Bank i ng & Fi nanc i a l Ser v i ces 55 It’s not just the coffee that you need to preserve; think carefully about cutting back on employee perks. If you need to make cutbacks, consider the biggest cost buckets first. No negotiation is taboo, even rent. Could you make savings by moving your team into a smaller office? I’ve seen facilities teams perform miracles in optimising office space. 5. Celebrate your victories Making sure everyone gets a pat on the back when the business has hit KPIs and significant milestones is essential for boosting morale. Take time to show everyone that their efforts are appreciated and give them an opportunity to let their hair down and share in the glory of their collective efforts. When times are tough, it’s important to ensure you focus on achievable goals. Revenue growth might not be possible, but growing market share may very well be realistic. When the turnaround comes, you’ll have a team of happy, motivated people hungry for more success, putting you in a great position to reap the rewards. In an economic downturn, technology can help with financial planning and forecasting, but there’s no crystal ball. Stakeholder management and communication are therefore key in these times. Be honest with your team and be absolutely clear about what you are trying to achieve. Cost-cutting is often necessary in the face of recession, but businesses shouldn’t cut back on spending which will negatively impact staff or the offerings of the company. By taking a simplified approach, focusing on the things that really matter and ensuring staff morale is high, businesses can put themselves in the best position to weather the economic storm. “Technology can help with financial planning and forecasting, but there’s no crystal ball.”
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