When times are challenging, many business owners almost immediately start thinking about reducing expenses or increasing sales. But more often than not, the business owner knows that if the expenses are reduced, they can work on increasing the income at a later time. Or at least that might be the first thought in cutting the expenses, because sometimes a portion of business dries up, but the expenses just keep on coming, no matter what the income. But income is the key to having the supply of funds to maintain or expand our business, and that facet must be in constant search of additional streams of revenue.
Of course, there are a number of expenses that are fixed and almost impossible to cease, and for that matter, some are even difficult to reduce. This is much like our home; when it is paid for, we still have major expenses like taxes and insurance, and often those expenses amount to about 30% of our total mortgage payment. There are some expenses that we cannot control or even influence, and other times they are fixed and certainly not under our personal control. Some things we just need to learn to live with and accept them as coming with the territory.