Whenever times get tough for businesses, CEOs talk about “tightening their belts” as a way to signify cutting back on essentials in order to ride out the rough patch. And cutting back is a correct strategy. It’s definitely not the time to dole out generous bonuses, arrange extravagant company trips or find new company perks to buy into! Instead, it’s the time to review every expense and ensure that only those affecting your bottom line are kept in tact. It’s also the time to evaluate personnel or positions that may no longer be as necessary in slower sales times. Read more →