Susan Cramm has written a great post for the Harvard Business Review. She says:
We live in a new world that looks a lot like the old world. Black is the new brown. Working and saving is the new investment strategy.
It’s just like our grandparents taught us: What goes up, must come down. In spite of our fancy asset allocation, short selling, and creative financing strategies – a simple fact remains: It’s not what we earn, it’s what we keep. Spend wisely, and your dollars will go a lot further than you think.
She argues we have probably outsourced too much. There is a balance between productivity and loss of control. As we try to live within our means personally we may have to mow our own lawns and clean our own homes, to save money, we may have to do some of the same at work.
While I don’t believe as a business owner I should be doing all the work myself, I do think now is a good time to look at how I am managing my resources. What am I spending money on. Do I need all those services. Which ones are really making me more productive, and which are just draining my resources.
There is no one right answer for all businesses, just a right process. Now is a good time to look at your expenses, and figure out where you money will best be spent. You will still need to spend, just spend wisely.