Many of us are going through some difficult times with our business. The biggest challenge that I continue to hear about is the build-up of receivables and slow paying customers. Some of us are being impacted on the revenue side as well but, luckily, that hasn't been a significant lament among our clients.
One question that was recently raised during a discussion I was having with two local small business owners was, "'How much do I tell my employees"?
This particular business owner wanted to share some of the challenges facing the business and the subsequent shift in some of his priorities. Yet, at the same time, he didn't want to put undue stress on the employees and impart concern over the future state of the business. For our businesses to remain successful, our employees must continue to do their jobs well, retain a positive attitude and continue to provide a high level of customer service - this can be hard to do in the face of uncertainty! It is a fine line between being open and honest with your employees and burdening them with information that they really can do little with.
How much transparency is good with our employees especially during times of economic uncertainty? I think it depends on the type of ongoing relationship the business owner already has with his employees, the severity of the potential impact on the business and the maturity level of the employees. But, in any case, some information needs to be shared with an eye toward helping the employees during the uncertain times and keeping them focused. Transparency - your thoughts?
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