Obviously, it cost us money to do it the way we did, but in the long run it saved money. Coulcher knows about such difficulties. That means rebuilding the loyalty and credibility of the company as a whole - both for creditors and staff. While we look carefully at all costs, I think we're in a position where, by spending a little, we make a wise investment. Call it foresight.
Consultants say crucial employees are the last thing a foundering company can afford to lose.
At Swank, Coulcher offered performance-based promotions to help retain key employees. New staff were given extended notice periods, from six to as much as 12 months. These added costs, though, had to be justified to the company's board. But Coulcher says Swank's directors were persuaded by his long-term vision. Because of the situation we couldn't afford to be too generous, but in some ways, we had to be more so.