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Managing Costs. Many SMB leaders have been taking a careful look at their costs during the pandemic, and some were even surprised by areas of their business that had become bloated. Leaders can minimize surprises like those by more regularly assessing changing external and internal risks and opportunities brought about by the pandemic, and realigning their resources around those factors. By maintaining strong financial discipline, leaders can be better prepared for the unpredictable. When leaders operate a lean business, they free up resources to invest in innovation that can lead to new growth.
Don’t sweat it if you truly cannot hire any new employees now. However, you can, and should, still actively recruit and remain in contact with your candidates. Maintaining an open line of communication and being transparent about your current hiring operations will keep your company relevant and top of mind with candidates. Keeping them engaged, even if it’s as simple as checking in with them, increases the likelihood that they will want to come work for your company once you resume hiring.
Seek out candidates who embrace the idea that there is ethical opportunity in chaos and will lead or support business development efforts during this tumultuous time. People who feel badly about promoting products and ethically maximizing profits during downturns will be hard-pressed to come up with ideas for new revenue streams, expense reductions, or streamlined processes. Evaluate existing onboarding processes. What aspects can be done virtually? Assess what staff and training resources will be needed for a new hire to have the fastest path to productivity. Ensuring that an effective onboarding plan is in place will be crucial for quickly achieving ROI from new hires as well as retaining them.
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