Smart Moves in a Bad Economy
When costs rise and customers wane, don't let knee-jerk reactions kick you in the wrong direction.
In a perfect world, business owners would have plenty of time and energy to regularly review their balance sheets and analyze expenses, cutting unnecessary spending as they spot it. In reality, we often zero in on expenses only in a scramble to get back to sustainable profitability when the economy stagnates and growth stalls. But panic can lead to costly mistakes, and experts caution that while paring down may be necessary in the current climate, entrepreneurs should be careful not to cut so deep that they poorly position their companies for an eventual rebound. Here are three costs to reconsider and three cuts to avoid.
Smart Ways to Save
Continue reading this article - and everything on Entrepreneur!
We make some of our best content available to Entrepreneur subscribers only. Become a subscriber for just $5 to get an ad-free experience, exclusive access to premium content like this, and unlock special discounts.
Entrepreneur Editors' Picks
-
Crypto Doesn't Have to Be Serious. Just Ask This Comedian Who Organized a Conference About Failure in the Industry.
-
Want to Succeed? Turn Your Fixed Mindset Into a Growth Mindset.
-
Google's CEO Is Asking Employees 3 Simple Questions to Boost Productivity
-
'Greatest Storyteller Wins.' Katy Perry on the Surprising Link Between Pop Stardom and Entrepreneurship.
-
How to Unleash Your Creativity and Transform Your Marketing Strategy
-
The 5 Personalities You Meet in a Coworking Space
-
'Man's Best Friend' — and Investment: The Thriving Industry of Pet-Related Franchising