Downsizing Business Expenses: Sometimes, we have to seriously look at adjusting our spending. Some companies hire a bean counter, some people make aggressive changes, some make passive changes, some downsize their employees.
Actually, the latter is something that people tend to start with as it is seems to be the best way to cut costs quickly. But when you think about it, is it really?
When you cut jobs, other people have to step up to the plate and take on more responsibility with the same amount of pay and tend to burnout or become unpassionate about their job.
Check out yesterday’s post on Longevity and Loyalty Long Gone?
When making budget cuts and cutting costs, there are many things to take into consideration and it is a definite process. What works for some companies may not be the best decision for yours.
Look at the many different options and different ways of viewing things. Do a SWOT analysis. For more information, see Apr 12/23 post on Making Effective Decisions.
If you want assistance in reviewing your business expenses and different options, please feel free to visit www.customizedbusinessessentials.com or contact support@customizedbusinessessentials.com.
Questions to Ponder:
How much do you need to cut over the next year?
What does your SWOT look like? Did you learn something in completing this process?
Have you looked at it from every angle before introducing changes?
