SHOW 4: INTRODUCTION - RECESSION PROOFING HR - HOW TO DO MORE WITH LESS - WILLIAM EASTMAN
All the evidence is the United States, and therefore the world, is on the edge of a recession. This is a fact that business owners don't control, except in response. Using the perspective of managing the business based on the economy, there are two rules: in a (1) contraction - strengthen your core to (2) gain a multiple in the next expansion from processes under control and therefore better margins.
Book & Series: Recession Proofing Your Business
Chapter & Show 4 - Introduction: Recession Proofing HR - How to Do More With Less
EPISODE 13: Summary
One of the tougher business decisions during an economic contraction is to look at labor costs last, not first. Why is that such a challenge? Because labor costs make up approximately 30% of all costs and are the most controllable. Don’t fall to the temptation of starting here. You might be required to reduce labor costs when there are no other options. If you have analyzed and improved internal processes, it will improve each position and identify its contribution to the success of the business. This will also identify positions and individuals not contributing enough to the bottom line. Before deciding to release these individuals, create new positions identified in value mapping to achieve a high level of robustness in all processes.
Based on your value mapping, create a new "TO BE" for all critical processes and reassign non contributing positions to the new process or steps. Then retrain all personnel from the new / updated SOPs.
Given a contracting economy with diminishing business opportunities and inflation devaluing the currency, we will demonstrate the need to strengthen the core of the business to not only survive, but thrive.
EPISODE 14: The Schedule (65 Shows)
EPISODE 15: How to Make Money in an Economic Downturn
EPISODE 16: How the Book, Shows, and Podcasts Work Together
We, the IBGR Network, has been using a very simple business model for content creation - make it once and use it multiple times. We looked at the best practices for business talk radio shows, podcasting, and creating eBooks. Then we built a process that integrates all 3.
That lesson is the basis of the Series Recession Proof Your Business. Instead of a weekly show, we have decided to take the subject through all 5 days using our balanced scorecard model. Every Monday we tackle what you need to do on finance, on Tuesday what you need to do for operations, and so forth. That means we will address Recession Proofing from 5 different perspectives and 65 shows. Each show is supported by a LIVE podcast for later review as part of the process of taking what what we provide and using it as it fits your business.
Our support system are the two Private Groups on LinkedIn and Facebook to move the conversation from one-way to creating a dialog and relationship with you. All you have to do is download the pre-release of Recession Proofing Your Business and listen to the podcasts. Our goal for the series is for you, the entrepreneur, to have a proactive plan to use the economic downturn to your advantage.
If you have questions post it here in the comments section or join our groups. Our handle on Facebook and LinkedIn is the same - ibgrnetwork.
See you there.
Next Operations Thursday - Chapter 8: Standard Operating Procedures
How to apply today's show to your business:
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