Cash Crisis
This will be just a quicky, but I did feel a need to address this topic. The country is heading if not already in a recession. Companies that have been long fixtures are gone. House are being foreclosed upon. People are losing jobs. The stock market…well let’s not talk about that (I try not to even look at it right now). Seems like a perfect time to tighten up the purse strings and not send those holiday gifts right?
Well in a cash crisis what appears to be the right decision is anything but. If your business is still up and running, the most important thing to do (other than counting your blessings) is to make sure that you hold on to customers and employees. When times are tough you have to pull out all stops. I’ve mentioned in earlier posts that it is much easier to get business from current customers and much less expensive than trying to get new customers. Make sure you are thanking those customers with even a small gift of appreciation. It will go a long way to making sure that they want to continue to do business with you next year.
As for employees, they are the backbone of your organization. It is so important to pat your employees on the back when they do a good job. Did you know that many people are motivated by just being recognized for their efforts? Did you know a pat on the back doesn’t cost a dime? There are lots of free ways to give employees recognition. It is also great to consider gifts if you have the budget. You will find that the payoff is happy employees who love their job, which helps your business and profits grow.
Tags: cash crisis, employee incentive, employee recognition, Holiday Gifts, recession
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