Ángel Franco/The New York TimesElizabeth Lunney, co-founder of ABC Language Exchange, is watching sales and preparing to make cuts.
She Owns It
Portraits of women entrepreneurs.
We just published an article that surveyed small-business owners on the impact of recent financial news, and their coping strategies for a possible double-dip recession. “We’ve been through this before,” said Elizabeth Lunney, who is co-founder and chief executive of the language school ABC Language Exchange and who shared her experiences with daily deal Web sites in a previous post. Here’s what she had to say:
“I’m looking at my numbers every single day and going through the list figuring out what I’d get rid of first. So far, we’re having our best year ever, but if I see that sales start to drop 10 to 15 percent in a week and see that it’s a trend over the next two or three weeks, I’ll start cutting. The water cooler, and other extras like employee lunches, will be the first to go. After that, I’ll consider asking the staff to take pay cuts, which I prefer to layoffs. Last time, I was the first to take a pay cut. I brought my salary down to what I needed to pay rent and eat bologna.”
How have you been coping with recent economic turmoil? Please share your experiences and survival tips.
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Article source: http://feeds.nytimes.com/click.phdo?i=fc4e8ab883190ccd7ff589e672bfc772
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