1. never sacrifice your customers AND your employees
your happy customers are the ones who pay you, and your employees are the one who make the customers happy
in the middle of crisis, it’s easy to find some money by cutting some benefit to the customers or cut the training budget.
don’t do that!
once you cut budget from the benefit of customers or employees, you just start your doom loop. not very long, either your company will be closed or sold.
2. want productivity? find it properly
again, when cash is rare, it is tempting to find the cash from your growth & intangible investment: training,new product/R&D, quality improvement efforts, and advertising/branding
you should not take those easy way rather find it diligently by walking through your overall process and the total cost.
does the current sourcing method while give you short therm lower price, but in the long term give you more expensive total cost?
does the decision to cut your advertising, while it give you immediate cash, that will make the overall business strategy in danger?
3. in the middle of the storm, you got to be open
crisis creates panick attack for everybody
if the business leader(s) keep their mouth shut, the rumors/gossips will take over the leadership. employee insecurity and unhappiness increase….customers are upset
reverse that loop by start communicating honestly