Tuesday, November 18, 2008
A Time to Examine (and I Mean Really Examine) Your Costs
Interesting piece in today’s Wall Street Journal by Raymund Flandez about cost cutting techniques being used at some high-profile restaurant companies. These companies are facing many of the same issues as entrepreneurs in other industries… costs are going up at a time when top-line revenues are shrinking. Take a look at some of the methods that the foodies are using to cut costs and then consider similar areas in your own business. This is a time to attack costs with a vengeance and be sure to look outside the “usual” expense category suspects. Because this difficult time will eventually pass, use the economic downturn as an opportunity to recreate your enterprise into a more profitable business that will be prepared to take off when the economy bounces back.