When faced with stormy economic times, think preparation, communication , talent retention.

Smart operators market their way through tough times while shortsighted ones try to save their way through it. I suggest that smart and savvy restaurant owners invest their time and resources to become more customer centric, executing fundamentals with habitual consistency and getting brilliant at the basics while the competition wastes its time worrying about the economy instead of the guests. As we see the gathering clouds on the horizon, I think we all gain perspective by recalling the three well known mottos-prepare -communicate -retain talent Map it out or mess it out up. Develop your action plan before you get into crisis. Preparation is the key to surviving and thriving in tough times. If you dont have a detailed game plan with your teams inputs clearly stated and shared , you will become a prisoner of events. If you are considering changes in your system, pricing, processes , make certain those changes are well thought out , brand aligned and smart for the long run. Communicate the plan with your team, you owe your managers and crew clarity, courage and conviction in the challenging times. Define what success looks like this year and next year for your concept or brand. Here are five things, the team needs to hear from you :-where are we now -where are we going How are we going to get there -what do you want me to do - what is in it for me when I do Bulid a team focused on attracting, developing and retaining talent : Unity of purpose and teamwork us a hallmark of companies that suceedin tough times. Retain good people and a multitude of problems disappear. Different employees require different levels of management. Confirm your leadership style to what each person needs, dont expect them to adapt to you. Put a premium on retention of right kind of people. You will find that return on talent can be the most profitable line item on your spreadsheet.

Our economy is proof positive that history repeats itself.Over the course of every decade or so, the economy seems to slump, recover and boom. As we await the uprising, leaders and managers must tend to themselves and employees to ensure that fear, turnover, survivors syndrome, lack of hope and sinking morale dont sabotage performance or damage the company culture. Once these occur, the companys prospects for turning the corner of this latest downturn sink too. Both, leaders and employees can take steps to encourage positive mindset management and peak performance during this current cycle when the economy seems listless.

What leaders can do Skillful leaders will stay abreast on their reading about the economy and remain tuned in to organizations strategy and status. They will also honestly and effectively communicate economic realities and the resulting company strategy as well as vision for how the company and its people can emerge stronger when the economy begins to lift.As a leader you can rejuvenate yourself and store up your positive thinking by : 1) Focusing on your vision Fear based decisions such as slashing every expenses to the bare bone can immediately redirect your organizations course, in addition to instilling fear in stakeholders, employees , investors etc. If these constituencies joined your company, because of its vision, they will most likely stay because you maintained it, even through the tough times. 2) Using tension as creative fuel Stress is an inevitable outcropping of economic downturns, however stress is also the foreshadowing of innovative breakthrough and tremendous ideas. Channel any tension you might be experiencing into brainstorming sessions or solution based thinking. These activities and their resulting action also help reduce stress. Start with the question, if we dont want this, then what do we want. 3) Spending 4) Revisiting successful approaches from the past This is most likely and not the only downturn you have experienced. Reflect on the approaches that have worked well in the past, and that suit your vision to earn your to earn new business. This thought technique also strengthens your self confidence allowing you to see that you have successfully weathered storms in the past, and will again.

Help Employees to help you Leaders should not try to steer the ship solo. Employees are the people who help put your vision and strategy into action. Your positive mindset will not go far without the employee complement. To help employees manage the uncertainity of an economic downturn try these tips :-

1) Communicate consistently and honestly Without straightforward , ongoing communication about the company direction and next steps, employees will fill the information void with fear based projections. Understand that every business has a grapevine of communication and if you will not feed it someone else will. Your honesty will help to engender confidence with employees, which can increase loyalty and gnell uncertainity. 2) Ensure employees reconnect with vision Employees are invested in vision too. Give them the opportunity to reconnect with the vision as a group, refuel with its message and recalibrate their actions to its purpose. You will have a team of aligned people focused on the same positive goal and a heightened awareness of what group is doing and why. 3) Encourage employees to explore the possibilities Unleash all creative juices and brainstorm with employees how can you make your vision a reality. Dont just think outside the box , throw the box away altogether. Fresh ideas , stretched minds, and energetic interactions can lead to higher morale cohesive team, a keen focus on what is most important and a clearer picture of desired opportunities allowing you to better recognize them when they appear. Current Maneovers TOP management salaries under scanner Economize on1 travel hotels etc 2 communication 3 recruitment 4 new offices

HR challenges Line managers to help in resourcing Less staff in HR Employee morale boosting Multiskilling, training Motivation towards dignity of work Incentive , performance pay

Industries less affected Hospitals Manufacturing PSUs Education Film/media Protection/ security BPOs Law firms Agriculture