HUMAN RESOURCES
1. Focus intensely on profit-generating As the economy continues to adjust in 2009,
activities - In a difficult economic environment, there will be opportunities to redirect your
it’s critical for business owners and key firm’s energy toward options that weren’t
personnel to spend as little time as possible available when business was booming. The
behind their desks. Instead, they should obvious example is Company A expanding
invest as much time as they can with current, through acquisition. If Company A continues to
prospective, and former customers. For small- do well, while the price of acquisition targets
and medium-sized companies, that type of drop, then Company A has more options when
face-to-face interaction is especially valuable compared to when prices were high.
when developing relationships, developing
new products, or eliciting feedback.
7. Reduce your company’s operating expenses
- When your pipeline for new business slows
Outsourcing your non-core, but essential,
down, you have the time (as well as the
human resources functions is a way to gain
need) to closely examine your company’s
the time you need to focus on actions that
expenditures and uncover new ways to trim
directly lead to growth and profitability.
costs. While right-sizing your organization
Optimally, outsourcing not only saves you time,
is a common strategy for reducing costs, it’s
but it brings a level of expertise to you firm
certainly not your only option. For example,
that wasn’t originally there regardless of the
does your employee benefit plan need to
process.
be restructured? Can you lower costs, while
keeping everyone employed at a lower weekly
The extra hours found through subcontracting
payout, by implementing a four-day work
certain processes, whether it’s administrative
week? While many recurring expenditures are
or manufacturing, can separate your company
unavoidable, you can help your company’s
from competitors who are still dedicating a
bottom line by ensuring that you’re not
higher proportion of their time to activities that
overpaying or by finding better deals.
can be outsourced. They idea is to evaluate and
prioritize your most important activities, and
Administaff, Inc. is the nation’s leading
then to spend more of your time doing them
professional employer organization and here in
than less important tasks.
the nation’s capital they provide a wide range
of human resource services. Enabling business
2. Capitalize on new opportunities - The owners to be more systematic and strategic
silver lining to a cloudy economic forecast is about the role people play in the success of
that there are plenty of new opportunities a company. Administaff helps these same
on the horizon. For example, weakness in business owners create HR service plans that
the marketplace leads to lower company are custom fitted to each individual company,
valuations, increased business failures, and allowing them to maintain a uniquely
firms selling off their non-core business units. competitive edge.
1 ThinkBusiness Click Here for Table of Contents April 2009 1
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