Every business will face issues at one point in its life. When your company is facing distress and the future of your business looks uncertain, you may be worrying about not only the effect it will have on your life, but also the effect it will have on your employees. If the worst comes to the worst, it would mean having to make redundancies, which no one wants to have to do. You will probably want to tell them the truth, and if finances are an issue your financial team will probably spot the signs of the company going into distress. Whether there’s still time to turn things around or not, you want to reassure your employees that things will be ok, but how do you do that, and remain honest at the same time?
Reassure them that you are taking action
Your employees will want to see that you are taking reasonable action to save the business. If it looks like you are doing nothing, your employees morale will drop and they will start looking elsewhere if they think action isn’t being taken from the top. Be as transparent with your employees as possible about the actions you are taking, and be authoritative about them. Reiterate that you have the business and the employees best intentions at heart and let them know the plan you have in place if they ask. Rumours in a workplace can spread quickly, so you want to make sure you provide your employees with the truth, in order to shut down any rumours of what might be happening.
Be transparent.
When your business is struggling, it can be easy when someone asks what is happening to brush it off and say everything is fine. Lying will get you nowhere here, the person has asked for a reason, which means they found the information out from somewhere. If things get worse later down the line, your employees will appreciate your honesty from the offset, instead of leading them into a false sense of security. You don’t have to disclose every single detail to your employees about the business’s situation, but remaining transparent and telling them you are taking action is the safer course of action.
Don’t go into hibernation
It’s easy to feel like you want to hide when your business is struggling, and shy away from your team until things improve. Whilst doing this in the short term is understandable for you to sort things out in your own head. In order for your employees to see you are taking action, it’s better just to face the music. Show your employees that you are present in the office/at work and that your focus is saving the business. They will respect your decision to keep going to save the business.
Make sure your employees know you are there to chat if they have any questions.
Supporting a struggling business is a stressful time for all involved, and that includes your employees. Continuing with the daily grind when things are uncertain can be morale draining and employees may want to ask questions for reassurance. Letting your employees know you’re available to chat and that they can be open and honest with you about any worries or questions they may have is a great way to show them that you care, and they’re more likely to appreciate your efforts and stick with you throughout!
Is your business facing distress? If you’re struggling due to the current situation then we can help. Contact us here for more information.