Ask a GoForth Expert
- How can I avoid having to lay off any more people?
Dale HansenPeople Management
Whether you lay off more employees or fire them, they should all be able to collect unemployment insurance benefits in Canada. You could reduce employee's hours across the board, going from say a 40 hour week to a 32 hour week in order to preserve cash flow until business returns to normal.
Do a review of all your bottom line expenses - where else can you trim your expense budget? Question every expense. One company we know of was paying $400 a month lease for a fancy cappuccino maker in the staff lounge - gone! That saved the company $5000 a year alone.
The recession is a good time to conduct a line by line review of expenses. Slim down and get prepared for better, more profitable times ahead.
About Dale Hansen
Dale Hansen, BA Founder and CEO of Novus Leadership Services helps entrepreneurs plan, manage, organize, execute and lead their emerging ventures.