Simple Yet Profound Ways to Cut Costs Amid COVID-19 Crisis

  • Monday 17th August 2020

As the economy continues to struggle and many businesses are faced with prolonged dips in sales, many SBOs are getting creative to stay afloat. This includes cutting costs and reorganizing expenses based on new developments.

Expense management and cost cutting

Whether it’s a small business, global organization, or your own household, there are two levers that impact your profitability and financial sustenance:

  • Increasing revenue. The first (and most obvious) choice is to increase revenue. If you sell more products at a higher profit margin, you generate more revenue. Plain and simple.
  • Cutting costs. The other lever is to cut costs.

The post Simple Yet Profound Ways to Cut Costs Amid COVID-19 Crisis appeared first on SMALL BUSINESS CEO.



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