Some suggest that provided initial thoughts on surviving in an economic crisis can help. Once the business is stabilized and the move toward thriving is addressed, consider these thoughts below from noted business experts. There are two schools of thought when times are tough and the future is uncertain.
One says that businesses should cut expenses and prepare to ride out the economic storm. The other says that the period of disruption may be the best time to take positive steps and prepare for brighter days ahead. A combination of both really is the best strategy . In bad times, businesses in general should cut expenses and terminate marginally productive employees. These are hard decisions to make. But they are both needed and important. Now may be the time for you to take these actions unless there are overriding reasons via a government program or a future skills gap that must be addressed.
Let’s take a look at some cost-saving measures that may provide the funds to build for the day when the distressing economic period is over. Facilities If you want and need some cash flow relief, ask for a ninety-day “rent holiday.” Offer to make up the rent over an eighteen-month period. If your cash flow permits and you need commercial space for your future plans, now may be a good time to talk to your landlord about a favorable extension of your lease or some leasehold improvements.