Cutting costs is a short-term strategy to help manage expenses and build a quick profit. But as a business leader, you want to focus on a long-term strategy for growth and profitability with your organization. There are many ways to do this, but here are 5 ideas to consider from the Small Business Administration as well as MKS&H’s experience with our diverse client base:
One major concern for businesses is maintaining a healthy cash flow. Enterprises that successfully practice good cash management generally survive and prosper. Those that don’t are likely to be undone by the weight of increasing debt and the inability to pay employees and suppliers.