In a slow economy you have two choices. The one you choose will determine how fast your business recovers—it could even determine if your business recovers.
1. Cut back employees and expenses. Focus on cuts. Compete on price—after all, it’s a tough market.
2. Control expenses. Focus on growth now, while business is slow. Improve your business. Fix your service. Improve quality. Update your website. Knock off some competitors.
Chris Reich, Author of TeachU’s Business Talk Blog