When times are tough, the knee jerk reaction of many business owners is to slash costs. What’s wrong with such a strategy?
- Future business growth can be compromised
- Marketing and sales can suffer
- Good staff can be lost and new ones are costly to find and train
- Customer and staff morale/satisfaction declines
On the flip side, when business is good, owners tend to ignore costs and focus on sales and growth, and figure that the costs will take care of themselves with a good margin.
When sales are down, there is a much greater motivation to control costs (even though good businesses never take their eye off them). So how should you identify the areas that should receive attention first? Download our free eBook to find out!