CFO Dive: Careful pruning, not blanket cuts, aids post-pandemic growth
January 2, 2021
“”During financial uncertainty, many business owners react on their gut,” Stephen King, president and CEO of GrowthForce, an outsourced bookkeeping, accounting and controller services, said. “This is the worst thing you can do, as it can lead to detrimental decisions you can’t pull yourself out of.”
Before making cost-cutting decisions, get the data you need and study above-the-line and below-the-line costs, advises King, a business owner who has survived five recessions. Data-intensive management reports will help clearly lay out those expenses.”