- Employees/Hiring – Being Cheap Versus Frugal – With all the layoffs in the news, it is easy to think employees are fungible. They are not. Pay for excellence and delegate so you can achieve the strategies you have in place with the right people on your team.
- Failing to Adjust to the Market – Diversify your product or service offerings. Communicate changes in expectations to investors and clients. This includes starting to say, “No” more often.
- Cutting Advertising / Marketing – History shows that companies that continue to spend do better when the market recovers.
- Deciding with your “Gut” – One of the fastest ways to lose enterprise value is to use your ‘gut’ intuition to make decisions. Calculate, track and monitor to make good choices.
How else do you make tough decisions in a recession? Drop it in the comments.
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