Reorganize your business and become debt-free

Add up all expenses for the year and divide by twelve to get monthly costs.
Exclude tax payments and the owner’s salary or distribution.

Determine the difference between your current monthly expenses and the number it has to be according to your Instant Assessment.
Go back to the previous chapter to calculate your instant assessment if you haven’t already. This difference will tell you how much you need to cut your expenses.

Evaluate your staff and determine if each role is mandatory for continuing operations.
Labor cost is usually the most expensive part of operating any business.

Determine which role must stay in-house and which positions can be outsourced.

Plan and start the layoffs if needed.
If your business is indebted, your business can’t afford all employees. Some people will go, and you can transfer responsibilities to other employees.

Switch from automatic payments to manual payments.
You will have more control over your expenses.

Cut every expense that you can, those that are circled in red.
For example, a gym membership that you don’t use often.

Call each vendor, renegotiate each highlighted expense and get your costs reduced.
Everything is up for negotiation: software license, internet bill, credit card rates, etc.