Business Planning 101: Cutting Costs Without Cutting Growth
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Business Planning 101: Cutting Costs Without Cutting Growth
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Key Takeaways:
- Spend wisely: Businesses should cut unnecessary costs but keep investing in areas that support growth
- Keep marketing strong: Cutting marketing during tough times can hurt. Staying visible helps a business stay resilient.
- Work with vendors: Talking with vendors and negotiating better terms can lower expenses when money is tight.
- Combine finance and creativity: Matching financial planning with creative efforts makes marketing more effective and resources go further.
- Get expert advice: A skilled CPA can review expenses, suggest improvements, and give guidance on smart negotiation.
Chapters:
Timestamp Summary
0:00 Strengthening Business While Cutting Costs for Efficiency
1:00 Texas as a Self-Sufficient Economy
2:05 Distinguishing Essential Business Investments from Non-Essential Expenses
3:37 Balancing Marketing Strategies with Financial Prudence
6:36 Negotiation Strategies and Financial Guidance for Entrepreneurs
9:01 Accounting Conversations and Meditation Tips for Business Owners
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.