When things don’t seem to be going too well with your business, you might have to start rethinking your plans. Even though you might have tried everything you can to try and improve things, you might have started to run out of ideas. If this is the case, it’s time to seriously consider downsizing.
You might not be too familiar with the processes you need to go through now that you are downsizing, as you never expected to be in this position. Not too sure how to go about saving your company by making it smaller? Here are all the tips you need to know.
Consider Moving To A Smaller Office
If you are laying off some employees, you probably won’t need such a big office anymore. Moving into a smaller space will also help you reduce some overhead costs as your rent will get cheaper. You need to make sure that the move works for you, though. Using the help of a business that offers IT services can be very useful as they can help you move all your tech equipment without losing any data or stored information. They will also be able to set up your network for you in your new office. When it comes to moving all your other stuff, you should try and do it on your own as much as possible as that will prevent you paying movers.
Be Considerate To Employees
Employees will be having just as stressful a time as you right now. Before you announce whether or not there will be any layoffs, they will be very anxious to hear about their future. So, you need to be as sympathetic and considerate to all your employees as possible. If you do need to make some redundancies, you should give them plenty of notice so that they have enough time to find a new position. If your employees ask you any awkward questions, you just need to be as open and honest with them as possible. Just put yourself in their shoes and think how you would like to be treated.
Make Cuts Across The Whole Company
One of the worst things you can do is just make cuts to one department in your company. If you do only make cuts in one area of your business, it will come across as very unfair to the workers in that specific department. Not only that, though, but making even cuts across the board can help keep your business afloat once it does decrease in size. If you make small cuts to a number of different departments, they will still be able to manage even on a reduced budget.
It’s not easy downsizing a company and making a success of it, but that doesn’t mean that it is a completely impossible task. You just need to carefully plan how you will go about it. And don’t forget to bear your employees in mind as well. A great rule of thumb is to treat them how you would want to be treated!