5 Dreadful Downsizing Mistakes
Bangalore: Dealing with business is not a cake walk. Especially during the economic downturn the business owners undergo a lot of pressure to ensure that their organization makes it through the recession with the fewest battle scars possible. The outcome of an economic downturn is unpredictable for any business owner. And definitely downsizing was not in this year plans for any small business owners. Downsizing a business is common but if not done strategically it can have adverse effect to your business and your team. Here are a few faltering blocks to avoid mistakes in your downsizing plan.
Underestimating The Duration And Severity of Economic Downturn
During an economic downturn some businesses may be affected only moderately or not at all depending on how mild and brief the recession is. If the recession lingers and the downturn is widespread, all big businesses firms suffer. One has to come in terms with the harsh reality and redesign the company based on a realistic evaluation of the worst case. Have a well laid plan to protect the profitable parts of your business that make up most of your volume and serve most of your customers.
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