It happens. Businesses get into trouble. You find yourself in a cash crunch. You can’t pay your bills or worse, you struggle to make payroll. It is a tough spot to be in.
Business is fun , yes but what happens when your business begins to fail, what happens when you no longer make profit and you are dipping into your savings?
What do you do to keep your business floating and well? How do you?
1. Cut costs.
To stay in business, you will likely have to reduce your costs. First, eliminate all unnecessary spending. The Christmas outing or the company holiday party need to go.
Can you reduce what you pay for travel costs or utilities? The landlord may be willing to reduce rent, at least for a time, if the alternative is empty space because you are out of business.