Be Ruthless About Slicing Expenses
If money is tight, or you foresee problems ahead, be ruthless about slicing expenses, whether for payroll, rent or travel expenses. If you have three useless employees, get rid of them. If the expense accounts are getting out of hand, set strict limits. There’s always extra fat to trim. You have to have iron-clad fiscal discipline. Particularly in a down market, but even when the economy is robust, small business owners need to be aware of their financial positions at all times. When they start failing, the ship goes down fast.