When going gets tough, get proactive and strategize. The inclination to immediately cut spending as a reaction to an economic decline is the business version of “fight or flight,” and can cause big problems. Instead, companies should focus on cutting only weak products. Moreover, instead of taking a wait-and-see approach, leaders should be proactive and use data in crafting a strategy. Forbes.com
Elliott Cunningham is a marketing strategist and a Nashville businessman. He has also been working in the entertainment industry since 1997. Mr. Cunningham has a track record of conceptualizing, creating, developing, and marketing a variety of business concepts.