Thriving Through the Downturn: Human Capital

This blog post is part of a series titled Thriving Though the Downturn: Eleven Strategies that will make your Company Boom.

We are quick to look at our financial capital (cash and credit), but many of the entrepreneurs surveyed for this article said that you should spend equal time focusing on your human capital. This is a great time to trade up, especially the senior management team. Get rid of the underperforming players. There is a lot of great talent on the street right now and in this environment talented individuals are willing to be reasonable about compensation. Beef up your team with an eye to the types of individuals that you want to be there when the market turns around and starts growing again.

Make sure that you have the best team doing what they do best. Brain storm ways you can help employees grow to the next level. Invest in strategic training for the right individuals. There are a lot of inexpensive online learning resources. Find ways to let employees use these. Focus on your strategy for the next three years and working backwards figure out what skills you need in place to hit those three year goals.