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Economically In such a climate, dismissal is a necessary evil. But what most founders don’t realize is that you can’t just opt for success – you have to treat people with respect.
Dismissal is scary, but they should not tarnish the company’s culture or reputation. Dismissal can improve your reputation and morale if you get it right (as we ran a map on 2020). You need to be not only efficient but also adaptable to humankind.
Here are 10 steps you can take to achieve this
Update your financial model
How much is your current burn? What do you expect top line revenue to look like? If the economic situation worsens over the next six to nine months, prepare a conservative estimate and build in storage.
Find out how many lanes you need. The delta between where you are and what you want is the amount you need to cut.
The more the CEO takes ownership of the situation, the faster the company returns.
Narrow your mind
Now is not the time to roll over. Focus your company on one or two things that are most important and avoid all unnecessary projects.
Cut out all non-counting expenses
Yes, 80% of the company’s budget is focused on the census. But reduce your operating expenses as much as possible before you start cutting staff. What kind of terms can you kill? Where else would you be spending less money? Each saved dollar is a dollar that can be added to your group.
Cut once
And enter your top executives. Another major mistake he made was firing several rounds (three in five months, exactly). One round of dismissal hurts; More than one round will damage the company’s morale.
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