How to Keep Morale up After Cutting Benefits

As a small business owner I have recently had to cut some benefits for my employees. I unfortunately just can’t afford them. How do I keep this from hurting my teams moral?
Dr. Prakash:
As a business owner sometimes such business decisions have to be made. It is not the decision but the execution of this decision that will have the most impact on your teams moral. One way to carry out this decision is to bring your team members together and present the profit-cost- benefit data and discuss various options as to how best to handle the situation and create consensus on the course of action. Such joint decisions are usually more acceptable to the staff and workers because they were empowered to participate in the decision making and since it is their decision, you would not hurt morale or feel guilty about it. It may improve team morale and create a spirit of cooperation.