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Managing Costs. Many SMB leaders have been taking a careful look at their costs during the pandemic, and some were even surprised by areas of their business that had become bloated. Leaders can minimize surprises like those by more regularly assessing changing external and internal risks and opportunities brought about by the pandemic, and realigning their resources around those factors. By maintaining strong financial discipline, leaders can be better prepared for the unpredictable. When leaders operate a lean business, they free up resources to invest in innovation that can lead to new growth.

Regardless of what type of market we’re in, candidate’s or employer’s, you should always prioritize your hiring process. Extending offers quickly, remaining competitive, and maintaining contact with candidates during this time is critical. While it’s true that around 1/3 of companies surveyed expect to freeze their hiring process, that still leaves 2/3 who are not freezing. 2/3 of your competitors are still reaching out and extending offers to the most eligible candidates right now. Don’t fall behind.

Seek out candidates who embrace the idea that there is ethical opportunity in chaos and will lead or support business development efforts during this tumultuous time. People who feel badly about promoting products and ethically maximizing profits during downturns will be hard-pressed to come up with ideas for new revenue streams, expense reductions, or streamlined processes. Evaluate existing onboarding processes. What aspects can be done virtually? Assess what staff and training resources will be needed for a new hire to have the fastest path to productivity. Ensuring that an effective onboarding plan is in place will be crucial for quickly achieving ROI from new hires as well as retaining them.

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