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There are any number of external forces that are likely to impact on your operation and I am not about to stick my head above the parapet and tell you how to run your business - I assume that you already know how to do that.
On the other hand I do know people, more specifically, how to manage people - and lets face it people are generally your most important resource.
An unstable economy can translate into an unstable workforce; one of the first signs of instability is often the loss of staff loyalty - especially if there is the slightest suggestion of job cuts.
To make matters worse, motivation levels drop, which means that performance drops, which leads to lower production levels and output, which can lead to...
well, you can see where this is going! Unless you are operating as a one-man-band, you are hopefully getting the message that people, more importantly, your employees, are essential to the future of your business; a secure and motivated workforce can only enhance your chances of market success and well - quite frankly - staying in the market! In times of crisis it can be easy to resort to a traditional tell-'em what to do - setting targets and expecting them to deliver, method.
This might have worked in the past and to a degree, you may believe it is working for you now, but times have changed; they are harder, leaner and require more creativity.
So, here's the key - if you want to ensure your staff remain loyal and motivated - involve them! Involving your staff means using good communication skills, letting them know what is going on and what is required to ensure that the business remains profitable.
Communicating with your staff at this level will achieve three important things: one - it will promote a sense of openness and honesty between you and your staff; two - it will engender trust; three - your staff will gain an increased awareness of the business needs.
All three are important in gaining loyalty and increased motivation, but increasing their awareness is crucial to them developing the holy grail of traits - responsibility.
Responsibility is the key to success: when your staff have increased awareness and trust, developed through excellent communication, they will be motivated to help you and the business achieve its goals.
Unless absolutely essential it is important here not to impose targets on them - with their increased awareness they will have a good idea of what is necessary - all you have to do is ask them what they can do.
If, for example, production levels are an issue, ask them what they think is possible for them to achieve.
Whatever solution they come up with, they will take responsibility for, because it is their solution, not one that has been imposed upon them.
Now, it may well be that what your staff think is possible and what you actually want don't match up; you can work on this by gradually coaching them up; with their increased motivation and responsibility they will soon develop a new confidence about their capabilities and if this is linked to the possibility of future employment benefits you are guaranteed success.
Using this style of management will not only improve your bottom line it will be hugely developmental for you and your employees, as you both grow within the new shared responsibility.
Motivation levels will increase, along with trust; awareness and responsibility will develop exponentially; creativity will abound and loyalty will rocket off the register.
Continued management of your business in this way will pay huge dividends in the long term and you will almost certainly be seen as an employer of choice - a good boss - and as the saying goes: 'you can't do enough for a good boss!'
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