Not too much newsworthy going on right now, but I thought this article from Expert Business Source would be a great share, as I know it’s on a lot of business-owners’ minds these days!
In tough times, you must take a critical look at your budget, but it can be a mistake to immediately cut discretionary spending. The temptation may be to reduce marketing, advertising, product development, or public relations expenses, but depending on your industry, this activity could backfire. Keeping your sales pipeline full now may mean the difference between success and failure later. In order to stay strong, your brand and your outreach may be less optional than you think. If you’re on the edge of survival, by all means cut; but if you can squeeze by while continuing these critical functions you may prevent future problems if the downturn continues. Alternatively, think of more innovative, less expensive ways to get those jobs done.“