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Downturns and slowdowns are inevitable in every company. In order to weather slow periods, you've got to cut costs and build business. How you do each will have a major impact on the future of your business. There are typically three causes for a business slowdown, according to author, an industry- or sector-specific decline, or a business shortfall in which your organization, for whatever reason, can't fulfill its promises. Whatever the cause, when faced with a business downturn most business owners panic. Once they see that denial is not reversing the situation, fear seems to kick in and fear-based actions are taken. Those actions, which include making irrational and irresponsible cuts to staff, budgets, benefits and more, often debilitate a business further.
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