A guest post from our colleagues at CFO Selections:
When adversity hits, the knee jerk reaction is to swiftly cut spending across the entire organization, but that response is a mistake.
Strategic cost cutting can keep a business going through tough times, but it must be approached with long-term value in mind. Reducing costs should abide by three essential principals:
Evaluate your spending and determine where you can cut costs to weather tough times while still protecting critical functions, minimizing long-term expenses, spending where it could end up costing more not to do so, and looking for opportunities to reduce waste.
Experts sharing tips about business, money, bookkeeping and accounting...
to support your mission and improve profits.