At our recent All Members event, Josh Phegan quoted Ruth Porat, the CFO of Alphabet (owners of Google): “You can’t costcut your way to greatness.” Josh added, “But you can reallocate to bigger, better bets.”
In testing economic times, it’s tempting to slow things down, defer investment, cut marketing, training, and other lines on the P&L that don’t add immediate revenue. But as many highly successful people point out, it’s a big mistake to do so – particularly now with the speed of change accelerating like never before, potentially resulting in those choosing to go below and batten down the hatches to later emerge into a new world they don’t recognise.
So what to do if cash flow is tightened, revenue is down, and costs are still rising?
I posed this question to ChatGPT: What would you recommend to small and medium sized businesses to do when their cash flow is tight, their revenues are down and their costs are rising? – here’s the response:
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