"Get a haircut" urges Barack Obama

[Vipe Desai]

The past few weeks speculation and uneasiness have swelled in the action sports industry. While I agree that times are tough, smart brands and retailers are throwing the baby out with the bath water. Marketing budgets and employee reductions might appear to be a quick and easy decision for those in charge of company financials but I believe it will come back to haunt business in the long term. I believe these are 2 sure fire ways to kill moral and brand equity.

In a recent interview with Tom Brokaw, President-elect Barack Obama urged business owners to "figure out ways in which workers maybe have to take a haircut, but they can still keep their jobs, they can still keep their health care and they can still stay in their homes." Continue reading article...

If businesses are serious about riding out this financial storm then they need to look closely at making decisions tailored around operational efficiency.
- Reduce non-essential expenses
- Refine marketing spending
- Manage resources
- Sharpen inventory control
- Consider cost-reduction methods with vendors

You can reduce expenses, but you can't cut your way to success. The bottom line is that through well-planned initiatives, businesses can overcome the obstacles and turbulence in the global financial crisis.