In uncertain times, keep your employees in the know

The economic crisis has dominated the news recently and despite all the expert testimony it is clear that no one really knows how long this downturn will last or how bad things will get before the situation turns around. Many small farms and micro-businesses are wondering if they can survive the wild ride. While there is no guaranteed recipe for survival, there are strategies that have proven useful during previous periods of economic uncertainty. One of them is ensuring that your employees know what is going on.
Keep your employees in the loop. Turbulent times can sometimes cause us to withhold bad news in order to protect others. That instinct is absolutely wrong. During periods of uncertainty it is critical that you be even more transparent in your communications. Start with your employees. Tell them the truth about how the business is doing and what your benchmarks are going to be for decision-making. You do not want to be in the position of having your key employees panic and start looking for new positions just when you need their creativity and skills the most.
Informed employees can be a tremendous source of help during turbulent times. They may well have innovative ideas for attracting new customers or marketing in new ways. They can help with cost-cutting and money-saving. Perhaps most importantly, informed employees can project confidence and optimism to customers because they know the situation. At all costs you want to avoid the downward spiral of poor morale and uncertainty being projected to customers who then lose confidence in the business and look for other places to make their purchases.
Having a regular opportunity to share ideas and provide updates can help short-circuit the rumor mill that can be the worst enemy of the small business.