Tips For Survival In An Economic Downturn

If you are still feeling the effects of the economic downturn, try the following tips from Doug Richard, entrepreneur and Dragon.

4. YOU CAN ALWAYS CUT MORE

You can forecast expenses, you can’t forecast revenue. Look for places to cut expenses. When times are good, companies tend to add staff and expenses that are nice to have, but not critical. It’s time to take a fresh look at those.

Keep focus on core markets and spend money solely in those areas. Avoid putting cash and time into areas that have proven less profitable.

Many companies begin by cutting advertising / marketing budgets. This can be a mistake. Instead of cutting these budgets, review the methods you are using. Are there more cost effective routes to market? Does your current strategy bring in the right results? If not, rework your efforts to deliver the best possible results

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