No small business owner wants to lay off employees. Still, sometimes it’s necessary if you’re going to stay in business. The Intuit Inner Circle Blog had a post last week examining some signs that it might be time to call the audible and make some tough choices.
Here are the reasons they give:
- Your expenses are greater than revenues, and it doesn’t look like it’s going to change soon.
- Some employee skills aren’t a critical part of your operations. This happens as your business changes. It’s unfortunately inevitable in many businesses.
- Your customer base is shrinking by a large percentage. This, of course, leads to #1.
- Employees aren’t meeting their goals and milestones. Poor performance means it’s time to let them go.