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Three Strategies to Extend Your Runway

Three Strategies to Extend Your Runway

As we shift from crisis-mode to planning for the future, what are your strategies for extending your business’ runway and cutting your burn rate? This was the topic of discussion in last week's session of The Resiliency Series where Lafayette business owner, Ericka H. Dees, CPA shared her top three suggestions for reducing expenses:  

  1. Always look at challenges as opportunities to get better. Here is a perfect opportunity to understand what types of expenses are contributing to your burn rate (CapEx, OpEx, Inventory) and know those numbers.

  2. Perform a “nice to have” vs. “need to have” assessment of your expenses and eliminate the “nice to have” expenses.

  3. Be creative and figure out how to reduce the cost of producing your product or service. One small change can lead to great cost savings and more cash in the bank.