Eastern seaboard businesses continue their struggle to rebuild after Hurricane Sandy. In terms of economic losses, the October 29, 2012 storm will be remembered as one of the largest natural disasters in U.S. history.
Many residents and businesses, particularly in the hardest hit coastal areas of New Jersey and New York, were caught off guard by the late-season storm. In addition to the property destruction caused by high winds and flooding, power outrages created big headaches and huge financial losses for many small businesses.
Managing employees can be a daunting prospect, especially if you are new to it. Many small business owners started their businesses because they wanted to be their own boss, but what happens when it comes time to hire employees – what kind of leader will you be, how will you juggle your business and the regulatory requirements of being the boss?
While great leadership is often measured by your ability to lead and mentor your employees, it’s also important to remember that as an employer and manager you are required to treat all employees equally and fairly.
Imagine yourself in charge of a 40-person company, selling small business software, during the sudden crash of 2008. Your sales had been lagging a bit all year, but as the financial news blackened in late summer and early fall, your sales plummeted. September sales fell to 25% below the previous year, 30% below your planned level. October sales fell again. Within one short 10-week period, you found yourself falling from slightly profitable to below breaking even.
What do you do? Of course you cut expenses; that’s obvious. How to you decide what to cut?