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How small businesses can cut costs and boost revenue as they start to reopen safely

Added 09-16-20 10:14:02am EST - “We spoke with several business leaders about how to trim costs and maximize revenues under these difficult circumstances.” - Businessinsider.com

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Posted By TheNewsCommenter: From Businessinsider.com: “How small businesses can cut costs and boost revenue as they start to reopen safely”. Below is an excerpt from the article.

On March 14, Fit Athletic Club's five locations in San Diego were serving an average of 6,000 members per day. A day later, the business was frozen and 430 employees were on furlough to slow the spread of the coronavirus, CEO Scott Lutwak said in an interview with Business Insider. "I didn't even know how to comprehend what had transpired 24 hours earlier," he said.

Today, like many business owners across the country, Lutwak is trying to get his business back on its feet, facing down a re-opening process that is far longer than many expected.

Along with that uneven recovery come new budgeting challenges, as margins get squeezed between new ongoing operating expenses and curtailed capacity hampering revenues.

In addition to Lutwak's fitness center, Business Insider spoke with a restaurateur and an office space provider to learn their best advice for making the math work.

All three businesses we spoke with have made serving health-conscious customers part of their brand identity. It's important to make a plan and clearly communicate it with customers and employees.

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