Navigating a turbulent economy: downsizing can mean many different things--ranging from a staff reduction due to a short term economic downturn to long-term restructuring of the company's business model.

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Navigating a turbulent economy: downsizing can mean many different things--ranging from a staff reduction due to a short term economic downturn to long-term restructuring of the company's business model.

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As senior financial decision makers, CPAs are inevitably involved in planning and executing job actions. When faced with turbulent economic times, company leaders must ask, "Has our company's basic value proposition fundamentally changed or have we just hit some economic headwinds and need to ride out the storm?"

It is often very difficult for business owners to acknowledge that their company is in decline and their business model is no longer working, according to Dr. Thomas Von Lehman, managing director of The Meridian Group, a management consulting firm in Pittsburgh. Too often, business owners prefer to think that "next year will be better" and react to financial pressures by cutting overhea...

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