The temptation during any major (or unprecedented) financial crisis is to either massively cut costs or spend money to get you out of the particular hole you’ve found yourself in. A Harvard Business Review study from 2010 found that companies that cut costs quickly in a recession a far more likely to fall behind the competition coming out of it. The study also found that the companies that were progressive — seeking operational efficiency over immediate cost-cutting — were significantly more successful, with higher revenue growth and lower layoffs than others. This applies to past, present, and future crises, especially…
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