MBA1765 Q&A Wednesday: I need to make some layoffs. Any advice?

The $100 MBA Show

Omar Zenhom

Marketing, Entrepreneurship, Careers, Business

4.9 • 1.2K Ratings

🗓️ 14 April 2021

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

No one likes losing team members. Sometimes it’s the only way to save the business. But before you let the ax fall, consider a few alternatives. That way, if you have to let someone go, you'll both know it was truly the last resort.

Transcript

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0:00.0	Heyo! Welcome to the 100 R. M. B. A.
0:09.0	Heyo!
0:10.0	Welcome to the 100 R. M. V.
0:12.0	Show Straight to the Point Business Advice delivered every single day
0:15.9	with her daily 10 minute business lessons for the real world.
0:19.5	I'm your host, your coach, your teacher Omar Zen Home.
0:22.8	I'm also the co-founder of Webinar Ninja, an independent software company I started with my partner
0:27.1	back in 2014.
0:29.1	And today's episode is Q&A Wednesday.
0:31.6	On Q&A Wednesday I answer a question from one of you, one of our
0:34.4	listeners. If you have a question you want to ask just email me over at Omar at 100MBA.
0:40.8	Today's question is from Will and And Will asks, this past year in my business has been really, really tough.
0:48.0	With COVID and the economic turn down, it's been really tough to stay afloat, and my margins have been razor
0:54.2	razor thin. I'm at the point where I need to start cutting some expenses and I'm
1:00.2	going to need to lay off a few of my employees.
1:03.5	It's really the only way I see I can survive as a business.
1:07.6	I do believe we'll be able to turn it around in a few months,
1:12.3	but right now I need to make some layoffs.
1:15.0	Do you have any advice on how I could deliver the news and tell my loyal employees
1:22.0	I'm going to need to let them go.
1:24.0	Thank you so much for your help during this tough time.
1:27.4	Sincerely, Will.
	...

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