Tips for dealing with Economic uncertainty in your business

Posted on 12 Apr 2024

With political changes and an economic slowdown to contend with, we're in pretty unpredictable waters. Here are some tips on managing your team in times of uncertainty:

Support staff wellbeing

Talk to staff about wellbeing regularly and openly. Let your team know it’s okay to feel stress or anxiety.

Regularly remind your people where to find support, whether it’s through free counselling or mental health resources, or through company health plans.

Put wellbeing practices in place

Ask your team what could help their wellbeing and balance. Consider team activities, on-the-job skill sharing and learning, and charity events.

Be clear about cost-cutting

Change on the cards? Communicate openly and frequently, using information that is easy to understand, relevant, and factual. Don’t offer false hope or reassurances.

Let people know if there is nothing new to communicate or if you are still working out your plans. Consulting effectively with staff can reduce the stress of uncertainty as you look to make changes in your business.

Know your Numbers

The numbers are your friend. Knowing them and being able to look at them objectively is your key to making better decisions in your business. Book in time to review them every day, set targets however small and check your progress.

If you need help then call us…..