Business Information by Gladys Edmunds
|At age 15 Gladys developed a travel service that would prosper for more than 30 years. She is a national award winning entrepreneur, keynote speaker, author and columnist. Visit her at www.gladysedmunds.com|
Be Smart, Not Afraid
I have been in my video production business for 10 years. And I am past that mark when the experts claim that a business fails. Three people and I carry the load. I would like to hire several more people soon in order to lighten the load. I can’t tell which way the economy will go, and as much as I need additional employees, I’m scared to hire. I don’t want to run the risk of laying off new hires if business slows down or worse, yet keeping them and losing money in order to continue to pay them. I know that this has happened to other businesses in the past. How do I make sure it doesn’t happen with me?
Thanks – Angie
We entrepreneurs all experience similar fears fromtime to time and generally it is about something that rarely happens. However, some fear is warranted. If you are out in the woods and see a hungry bear approaching, the fear you feel is an appropriate warning that you are about to become a meal. So, appropriately enough, that fear tells you to run!
That’s reasonable fear. But the fear that we imagine in our day-to-day existence is seldom actualized. So instead of getting sidetracked by such worries, it’s better to turn your attention to what your business needs and invest your energy there.
My grandmother liked to set me straight when I compared myself to others or questioned my decisions based on another’s experience. “No two snowflakes are the same,” she said, “each is unique unto itself.”
In the same manner, no two people are alike either. We also handle each situation we encounter in our lives differently. It is not likely another company’s experience should impact your decision. But, if you let the experience of others affect your decisions, at least take the time to do some research into the details surrounding the other company’s downfall.
For example, did it hire full-time permanent employees when they should have hired part-time people? Would they have been better served to outsource instead of hire? Perhaps it should have only hired full – time people on a temporary basis, like many retailers do during a busy season.
Make your decision based on your needs, but first make certain you are completely in touch with those specific needs. Do you need permanent full-time help or would part timers work better? It’s easy to run into trouble when you don’t have a well though-out plan and you haven’t devoted the time to really evaluate your company’s needs.
Don’t waste your time or energy fearing what others have done. Instead, put your energy and focus into dealing with what will work for you. And remember: if a hungry bear isn’t chasing you, you have nothing to fear.
Read other business articles by Gladys Edmunds