Prepare For The Next Disaster: Plan a staff retention plan

In a downturn, most owners follow their immediate instincts and dramatically cut costs in an attempt to outrun any revenue shortfall. Unfortunately, these moves leave them entirely unable to respond to the inevitable rebound.

Clients should avoid gutting their payrolls and other costs, because a bare-bones staff is unable to sufficiently serve customers, let alone help the business grow. Instead, companies should focus on winning more market share when business resumes.