Just stripping out costs is the easiest decision you can make, but it ultimately doesn't get you the biggest bang for the buck because it does not position your company for long-term growth. Unfortunately, right now many companies use the same playbook: Cut salaries, cut the 401(k) match, close outlets or conduct rolling shutdowns of manufacturing facilities.

Cost-cutting needs to be balanced with the more nuanced approach of cutting out inefficiencies. That means identifying proven efficiencies or streamlining that will better position your company for profitability and growth for the long haul. This is a more sophisticated, complex approach that takes a lot more thought, but in long run it pays off.

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