Cutting costs in a downturn is sensible but don’t get carried away. If you cut budgets and scale back too much – on staff, marketing, team building or networking – you could jeopardise the growth of your company and find yourself in trouble when things start to pick up again.Remember the recession is real but it won’t last forever so stripping your business back to the bone is only a short term solution.
Instead, think about the road ahead:
- spend your money wisely,
- maximise every opportunity where you have to spend,
- make sure you get ‘value’ for your money – don’t just go for the ‘cheaper’ alternative,
- adopt the buying for ‘necessity’ rather than ‘luxury’ approach,
- be vigilant but DON’T put the growth of your company on hold for the sake of a small saving.
Tomorrow: play to win.
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