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The “will it… won’t it?” recession has been on just about every business owner’s mind for the better part of the past year. And if you’ve been keeping up with downturn-related news, you’ve likely seen countless articles on how companies and their operations and logistics professionals are preparing. Many of these focus on cutting costs, and perhaps for good reason. During a recession, consumers tend to have less spending money, of course, and when sales decrease, profits do, too. To counter this, the classic move is to scale back expenses, but there are critical factors to consider first.
Don that green visor
Break out that general ledger, drill down into your expenses, and see exactly where the money is going. According to a study by Motley Fool’s The Ascent, if you’re like four-fifths of Americans, you waste more money than you should.
