Are You Managing Your Business Properly In This Economic Downturn?
In this downturn concerning the bottom dollar of many oil and gas companies there is always the worry of how the viability of the company will be handled. The result of budgeting and business management to keep a company in the positive often leads to taking a very close look at business procedures. Most companies will find a way to reduce spending in areas where money has been spent needlessly in the past.
The problem is that when the money is flowing in, in leaps and bounds with 100+ / gallon oil not much concern is given to costs. When the price of oil tanks this a good time for establishments to re-evaluate costs and what happens is after the business economy improves the business is much better off then it was before the bust.
Often times this means putting processes in place that either automate or reduce tasks for certain job procedures and therefore the safety of the workers. This is not necessarily a bad thing for employees because they are getting laid off anyways. When the workers come back to the workforce those who will prosper are the ones who are able and willing to change and adapt to the new company practices.
We all have to be looking forward to the way that the world is changing and with all the booms and bust. You cannot leave it up to the oil companies to take care of you as even the government has a difficult time doing this.
The same goes for PPE as the down turn forces companies to look else wear for resources that can provide knowledge and pricing otions for the PPE that is really required. By talking to people that know the product they are selling you can find out if you are really getting the correct safety gear for the job. One example is buying Nomex for flash fire exposure when you could get the same protection from FR cotton garments which are typically at least 30% less costly then the Nomex.
Terry Smeader
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Tags: business management, economies, oil and gas
