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Perform an analysis of the business model and identify the elements of the business that:
· Generates an income, such as customer satisfaction in a hospitality industry
· Provide the business with a “Competitive Advantage”.
Costs should only be cut in these parts of the business after careful verification of the cost of lost income.
More drastic cost cutting measures could thereafter be performed across most other functions of the business.
Growth of the business in an economic downturn should be pursued in strengthening the “core elements” and “competitive advantage” which will be realised once the economy experiences more favourable conditions
Costs cutting should therefore also be effected most carefully in these sectors and instead the business should divert cost savings in other sectors to improve it.
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