June 9, 2010

Survival Tip # 2 for Global Crisis: Cost Cutting

People tend to overspend if financial status is going well. As you obtain financial freedom, you tend to elevate your lifestyle. You probably buy things you haven't before. These things are often more of a luxury than need.

This kind of attitude should not be tolerated especially during this time of global financial crisis. Eventhough you are now capable of spending money for whatever you want, you still have to watch out of what you are spending. Be on guard against overspending and increase in debt.

You can't afford to lose sight of the full financial health of our business. Have a look at every aspect of your business in a wider scale. Know where you are spending your money.

To start your journey towards cost cutting, you must know where your money is going. then determine if it is important to spend your money on that things.Do a reality check. Determine if you can still afford those little luxuries like a new leased car, or the latest mobile phones, or that office renovation. Eliminate those who are not making sense in your business.

No comments: