Keep Your Business on Track

While economic indicators point to an easing of the recession, the economy is expected to remain weak for some time.* Many business owners have already cut overhead costs and reduced staff to cope with the poor economy. What more can businesses do to survive the recession and be in a position to thrive when the economy begins to improve?

teambuilding
Most employees understand the need for cost-cutting and staff reductions to keep the business afloat during lean times. Nevertheless, the change in familiar routines and, in the case of layoffs, the loss of workmates can leave employees feeling shocked and afraid. In fact, the remaining employees have higher rates of depression and more psychosomatic illnesses than their peers who were laid off.** How do you boost employee morale when the future is still uncertain?

• Be patient. Employees may need time to mourn the loss of old routines and former co-workers. Patience and willingness to listen will help them make the transition to new responsibilities.
  
  
• Communicate. Lack of communication breeds suspicion. Keep employees informed about your business's overall health and future expectations. Build a sense of teamwork by encouraging discussion and inviting employees to offer suggestions.
  
  
• Set goals. Create a vision for your business's future and share it with employees. The new sense of direction will help keep your business on track and will guide employees toward new responsibilities and an opportunity for personal growth.

fine-tune marketing strategies
In a slow economy, bringing in more business is both essential and challenging. Limited revenue means less to spend on marketing. Eliminate marketing tools that aren’t getting results, but don't cut marketing strategies that bring in new business. Also consider offering a budget model of your products or services to attract new, cost-conscious customers. And remember, good customer service is a powerful marketing tool. It keeps existing customers happy and may lead to referrals.

get back to basics
Certain business practices are fundamental to the success of your company regardless of the economic forecast.

• Good accounting. Tracking your revenue and expenses will help you run your business efficiently in good times and lean.
  
  
• Building a reserve. More easily done when the economy is robust, building a cash reserve will help you cover expenses without relying on credit.
  
  
• Getting paid. Be assertive about having customers pay in a timely manner and consider asking for deposits.

Whether the economy is sluggish or vigorous, Mid-Atlantic FCU has the tools to meet your business needs. Call us at 301-944-1765 to set up an appointment with a Business Development Officer.