Cut Back Without Crippling Your Organization

Around the proverbial water cooler, I have heard business owners discussing the reduction of expenses and, of course, we always end up on the topic of reduction of staff. One of the biggest mistakes a business owner can make is to think about letting go the highest paid, most experienced employees for a less experienced, yet less expensive, replacement. This small group of employees can do more with less in a faster amount of time than two or three lesser-experienced folks. These folks will be able to multitask, have proven they are committed to you for the long haul, will usually willingly sacrifice personal gain knowing it is for a good cause (keeping the ship afloat), and will be able to take the ball and run with it (without your chasing them).— Reprinted