When the economic times turn tough, even the best managed and best positioned businesses have difficulty, aside from the few industries that flourish in a downturn (think bankruptcy attorneys).
If you are in an industry that is badly affected by the downturn, you might be fighting for economic survival. What can do you do when bad things happen to good businesses?
Some businesses do nothing but hope or pray that things will get better. Some become more aggressive marketers, attempting to increase market share and cash to help them weather the storm. Others cut expenses to the bone, figuring they will be able to stay longer and still be around when conditions improve. What is the best strategy?
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