Beany looks after thousands of small businesses all across New Zealand. We are working between our clients, the banks, the IRD and business advisers to help them navigate these scary waters.
People, including you
Starting with you, the research into brain chemistry is clear. The minute we hit stress, our amygdala activates and we go into fight, flight or freeze mode. It’s an incredibly useful response – but it does negatively impact our ability to plan and make ‘rational decisions’. Taking some time to re-activate our frontal cortex will lead to more rational outcomes in our decision making. Here’s a handy webinar on this topic, if you’re interested in switching the frontal cortex back on in times of stress.
Next, your people, there are consequences to making hard decisions on preserving your cash and often these impact your team. Make sure you are following best practice in re-structuring your team and dealing with them in good faith. There are many sources of good free advice on this, such as https://www.employment.govt.nz and https://www.hrtoolkit.co.nz
Finally, when making decisions which will impact people’s lives and livelihood, treat everyone with honesty and compassion. Everyone understands this is hard. It is better to make these hard decisions and communicate them honestly and immediately and have the business live to employ again in the future than let your business fall.