Learning from the Past:
Back in 2008, I thought that was it for my business, our sales dropped by 80%, I had to sell almost all assets on hand to survive and pay my basic dues, yet I must say that 2008 was very useful to me as I learned many ways to control the business and minimize liability, the first thing I was worried about was my legal and financial liabilities, staff salaries, rents, in addition to other common business overheads, so I went to the book and found no other way to avoid letting people go, to me that was a big investment as I would recruit youths and give them the right training, be patient until getting proper outcome, that was my hiring strategy, I might talk about this strategy latter on, so I minimized my staff to the minimum, to avoid any problems with my service delivery, I mainly used two tactics, the first, is to learn to do things on my own, the second was "outsourcing", it wasn't easy but magically worked. when the business picked up again in 2009, I was still under the same mindset, so I didn't hire more people and I continued working as if the crises were still there. I noticed that my profits have easily doubled if not more with the same amount of sales, I was happy yet wanted to understand what is happening, I have to say that I had this feeling of guilt and sometimes sadness for minimizing my operation overheads through laying off staff, after auditing my books, I discovered that my operation overheads were inflated, when you start small business on your own you could easily fall in the same trap.
I was able to enhance my quality, earn more skills and money by restructuring my business, my magic words were “Floating Organization”. Soon I will share most effective tactics that helped me survive the great recession in 2008.
I truly appreciated your feedback and would love to exchange such experiences with everyone, please write back and thanks for passing by.