http://www.usnews.com/articles/business/small-business-entrepreneurs/2008/07/17/starting-a-small-business-in-a-bad-economy.html
This article was in U.S. News and World Report last summer but offers some great advice on how small businesses can taking advantage of hard economic times...
"But depending on your kind of business and location, you could find reductions in costs. Suppliers may cut better deals, rents could be lower, and workers may be more willing to sign on for less. "When times are tough, people don't hold out for higher salaries," says Scott Shane, a professor at Case Western Reserve University and author of The Illusions of Entrepreneurship: The Costly Myths That Entrepreneurs, Investors, and Policy Makers Live By. "You could probably hire better people more cheaply starting out now than you could when things were booming."
Disgusting
16 years ago
Obviously, everyone wants to cut costs. However, I would be cautious about using employees as a way to cut costs. I think this could come back and "bite back" later if your employees think you're taking advantage of them.
ReplyDeleteI also think it is one way that the big companies receiving governemtn bailouts made a huge mistake. The owners / top CEO's could have given themselves less money, more to their employees and still been succesful. I read once that the owners of Ben and Jerry's had a policy that they make only a certain percentage more than their top workers. I like that idea and will see if I can find out if that's still true.