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.
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.
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