All entrepreneurs must have knowledge of cost reduction. The clear goal of your business is to make money, it may not be a practical option to have expenses that are higher than your actual income. If your business is already losing too much money, then it is time for you to take necessary actions to prevent insolvency.
As a company owner, it is your duty to handle all important matters concerning your business. One of your duties is to ensure that your business does not lose funds. Failure to do so may lead to layoffs or even worse, company closure.
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