I realize that just about any generation could say that, but you’ve gotta admit, things are pretty nuts right now and without getting even the least bit political here, we’re venturing into some uncharted waters this election year. Uncertainty always plays havoc with the stock market and the economy in general, so don’t be surprised if we have some rough waters in the near future. Possibly globally, from what I’m hearing.
My source on this is “they,” by the way. As in, “They say…”
A downturn usually results in downsizing. That is never something any decent leadership team looks forward to doing, though,granted, it is sometimes a necessity.
If you find yourself using the term “downsize” as part of your strategic vocabulary in the next few months, just keep a couple of things in mind.
First, though downsizing looks good on paper, downsizing often results in a workforce with very low morale which in turn results in a workforce that delivers lousy customer service. The net result of that can be lost revenues.
Second, don’t forget that what you are after with your ideal customers is a lifelong relationship. So if lousy customer service results in the loss of a customer, you’re also potentially losing a whole lot more in terms of the lifetime value of that customer.
Hasty downsizing can be like cutting off your arm to cure a hangnail. Its “savings,” may not always save you what you think they will.
In the words of Tom Peters, you can’t shrink your way to greatness!