If you are in management or in business for yourself no matter your field, there are a few mistakes that you should avoid during our current economic downturn if at all possible. Bnet.com recently did an article on a few mistakes that if made during a downturn could prove to be very detrimental to your company.
Mistake #1: Constant layoff’s in the company. If you repeatedly lay employees off, no one will ever want to work for your company as they will see you as someone quick to give out the big bad ax during difficult times.
Mistake #2: Lowering your prices across the board. Price reductions do more than just compromise earnings. They affect the way customers view your products and your brand, which ultimately affects the long-term equity of the franchise.
Mistake #3: Not having a high tolerance for financial difficulty. It’s like that saying even in business “no pain, no gain”. If you constantly freak out or get overly depressed whenever a financial crisis comes up, not only will this not look good to your employees, but even you will begin to loose faith in everything including yourself.
What can you add to this list of mistakes not to make?