When Garrett considered how to guide his team through uncertainty, he thought about Antarctic explorer Ernest Shackleton, whose story of survival is chronicled in the book Endurance.

“What got this team through brutal conditions was process, routine, and a strong sense of purpose,” Garrett explains.

He adopted the same philosophy when leading his company through disruption. In the webinar, Garrett outlined seven accounting and finance tactics that can help small and midsize businesses survive challenging periods. With a few updates and revisions, these strategies are just as valuable today as they were when first discussed. Let’s take a look.

The Least You Should Know: Key Accounting and Financial Tactics for Business Survival

Businesses facing economic uncertainty can improve resilience by focusing on seven core financial strategies:

• Restructuring costs to match changing business conditions
• Reengineering internal processes for efficiency
• Building strong accountability systems across teams
• Strengthening company culture and leadership communication
• Investing in automation and operational innovation
• Negotiating aggressively with lenders, vendors, and landlords
• Improving sales operations and focusing on long-term customer value

1. Restructure Costs in Line with New Business Norms

Business environments change quickly, and companies that regularly re-evaluate expenses can create opportunities for stronger long-term performance.

Garrett recommends reviewing spending in several key areas:

Office Space

If your team can operate effectively with hybrid or remote work, reassess how much physical office space you truly need. Reducing occupancy costs can free up capital for reinvestment in growth initiatives or culture-building programs.

Employee Benefits

Organizations should periodically review compensation structures and benefits packages to remain competitive while controlling costs.

For example, some employers have explored contributing to student loan assistance programs, adjusting healthcare contribution models, or modifying retirement plan structures to encourage employee participation and performance.

Note: Tax benefits tied to specific legislation (such as provisions from the CARES Act) may change over time and should always be verified against current U.S. tax law.

IT Spending

Technology investments can reduce long-term operating costs. Businesses should regularly evaluate whether automation tools, cloud platforms, or outsourced IT support could improve efficiency.

Talent Management

Economic shifts often create opportunities to upgrade talent. Companies that maintain strong accountability standards and prioritize top performers tend to emerge stronger during uncertain periods.

Travel and Entertainment

Virtual meetings have proven effective for many organizations. Reassessing travel and entertainment spending can uncover savings to reinvest elsewhere in the business.

Sales Budgets

Track sales performance closely. Clear metrics, transparent commission structures, and well-defined goals help align incentives with results.

2. Reengineer Processes to Increase Efficiency

Organizations should regularly examine internal workflows and eliminate inefficiencies.

Garrett encourages companies to create “cookbook-style” processes that standardize recurring financial and operational tasks. Documented procedures reduce errors, improve training, and increase accountability across departments.

These financial tactics for business survival can be applied to areas such as:

• Accounting workflows
• Inventory management
• Purchasing processes
• Project management
• Financial reporting

As Garrett points out, “When you really clamp down on processes, high performers thrive because they can move faster and more efficiently.”

3. Build Accountability Across the Company

Strong organizations operate with clear expectations and measurable outcomes.

Instead of relying on subjective performance evaluations, companies should define objective metrics that clarify what success looks like in each role.

This includes:

• Clearly defined job objectives
• Measurable performance metrics
• Regular performance reviews
• Leadership accountability

At the same time, periods of economic disruption often create opportunities to recruit strong talent from competitors. Strategic hiring can help strengthen a company’s long-term foundation.

4. Strengthen Company Culture

Garrett emphasizes the importance of structure, communication, and shared purpose.

Leadership at TGG Accounting introduced new connection points, including regular company meetings, team challenges, and virtual events, to keep employees engaged and connected.

Maintaining a positive culture during uncertain times can improve morale, reinforce accountability, and help teams stay focused on shared goals.

“Don’t let negativity dominate the environment. Positivity creates opportunity.” Matt Garrett, CEO & Founder of TGG Accounting

5. Automate and Innovate

Technology continues to transform how businesses operate.

Companies that invest in automation often gain advantages such as:

• Lower operating costs
• Faster workflows
• Improved financial visibility
• Increased margins

Garrett encourages leaders to continuously evaluate how technology can improve operations and reduce dependence on manual processes.

6. Improve Margins by Negotiating Everything

Many business owners underestimate the flexibility in vendor relationships.

Garrett recommends negotiating across multiple areas of the business, including:

• Loan terms with banks
• Lease agreements with landlords
• Vendor pricing
• Bulk purchasing discounts
• Long-term supplier contracts

Proactive negotiation is one of the financial tactics for business survival that can significantly improve margins and strengthen long-term cash flow.

“Be the one who stays confident and proactive,” Garrett advises. “That mindset often leads to better financial outcomes.”

7. Strengthen Sales Operations

Strong sales performance remains essential during both strong and uncertain economic conditions.

Garrett suggests focusing on several key areas:

• Track Everything: Monitor both sales activity and results to quickly identify trends.
• Reward top performers: Compensation plans should reward high performers and address underperformance quickly.
• Compete strategically: Companies with strong financial foundations may be able to compete aggressively on pricing to capture market share.
• Focus on Customer Lifetime Value: Instead of evaluating a customer solely on a single transaction, consider the total value they bring over time.
• Offer flexible payment options: Creative payment structures can help customers manage cash flow while still allowing businesses to close deals.

Financial Tactics for Business Survival: You Must Survive to Thrive

Like Shackleton and his crew, business owners often face harsh economic conditions.

Organizations that remain paralyzed by uncertainty struggle to adapt. But those who take decisive action by improving processes, strengthening leadership, and managing finances strategically can position themselves for long-term success.

As Garrett puts it: “In down markets, in up markets, and in every market,  winners win.”

If your business is navigating growth, uncertainty, or operational change, having the right financial strategy matters. TGG Accounting helps companies gain clarity, control, and confidence through fractional CFO services, outsourced accounting, and strategic financial guidance. Contact our team to learn how we can support your next stage of growth.

FAQ: Financial Tactics for Business Survival During Economic Uncertainty

What financial tactics help businesses survive economic uncertainty?

Businesses often focus on strengthening cash flow management, reducing unnecessary costs, improving operational efficiency, and building strong sales pipelines. Strategic financial planning and disciplined spending are essential during uncertain economic periods.

How can companies improve profitability during a downturn?

Companies can improve profitability by renegotiating vendor contracts, automating processes, improving pricing strategies, and focusing on higher-margin products or services.

Why is accountability important in financial management?

Clear accountability ensures that employees understand their roles, responsibilities, and performance expectations. Organizations that track measurable outcomes tend to operate more efficiently and adapt faster to changing market conditions.

How can technology improve financial operations?

Technology can boost financial tactics for business survival by automating accounting workflows, improving the accuracy of financial reporting, streamlining billing processes, and providing leadership with better real-time financial visibility.