Sunday, July 13, 2008

Training in a Down Economy

Are your sales down? Are your profit margins shrinking? Are you calling emergency senior-management meetings focused on cutting budgets? If so, you are not alone in mid-2008!

Cutting expenses may be wise, but be sure to cut only those expenses that are not contributing to your organization's goals. Analyze your telecom costs. Could you get better and cheaper service elsewhere? Could you outsource a task and save money without compromising quality? Could you find less-expensive vendors or ask your existing ones for more-competitive rates?

Are your processes efficient? Are your employees as productive as possible?

Do you think that employee development training does not contribute to your bottom line? Think again! Herb Kelleher, founder of Southwest Airlines said, "There is one key to profitability and stability during either a boom or bust economy: employee morale." High morale equates to high customer satisfaction. Be sure to invest in your people to keep morale high and to continually develop their skills. The increase in your bottom line will follow.

    Until next time...

    Sheryl Tuchman

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