In good times, communication and trust are important for success.  In tough times, communication and trust are critical, if not the difference between survival and extinction.  To improve your chances of survival and eventual success, it’s important to keep the following in mind.

Identify stakeholders.

Stakeholders include employees, customers, vendors and more. What do you want each group to know?  Consider the facts that will put decisions and actions into context. Provide them with information to make educated decisions, understand business challenges and employment realities.

How do you want each group to feel?  The goal is for them to feel supported and confident to respond effectively and appropriately. They shouldn’t feel alone during this difficult time.

Communicate what your employees can expect and count on from you.

• Some of these expectations may include:
• Honest communications
• Facts that are valuable to them
• Communication on their pay, benefits and other support
• The expected time period before re-evaluation and a reset of expectations

Assist and empower employees to take the reins on what they can control.

A main source of feelings of anxiety come from sensing a lack of control. Help employees understand what they can control and empower them to act. Examples may include:

• Personal health & safety
• Financial planning: planning for the worst and hoping for the best
• Adopting a realistic but confident attitude
• Being a role model for those around them

Doing these things will help to build and maintain your relationship with stakeholders and confirm what they can consistently count on, whether times are good or bad.

If you are looking for additional assistance with human resource management, reach out to George Karavattuveetil of Psyched LLC, a Strategic Partner of the Entrepreneur and Family Business Council.  Sign up for our newsletter by filling out the contact form, and check back to our blog for more resources and information.

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