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Cutting employee costs does not always entail cutting wages. Sometimes it is just laying off one or two employees. Sometimes it means not paying yourself.
The key is to diversify your product base and/market your products in such a way that your "premium" price is acceptable by the public.
The last step in the process is cutting your wages.
There are many unanswered questions in this scenario:
what sector (retail, service, manufacturing, etc.)
what other products do you sell
what is your employee base
etc.
Currently I am assuming retail and one product only (which is stupid because as a retailer with one product you deserve to go out of business).
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"My hands are on fire. Hands are on fire. Ain't got no more time for all you charlatans and liars."
- Old Man Luedecke
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