William Harrington, partner, Brown & Kelly, Buffalo:

Meet with your lawyer early in the year to talk about where your business is going and the problems and/or opportunities you anticipate. This isn't always possible, of course, but the sooner I know what work you've got planned for me, the more I can help. And my assistance in developing a remedy will probably cost less in legal fees if we have discussed the possibilities in advance.

Working under an emergency can get expensive. If you have a situation that's getting sticky, call me sooner rather than later. I don't want you to tell me, after it's too late, "If only I'd known ..." If a problem is imminent, get the relevant material together as quickly as possible. Save your records in an organized, cogent manner. Then it will be easier for both of us to find and review them.

Scott Friedman, a managing partner, Lippes Mathias Wexler Friedman, Buffalo:

Business owners often find ways to cut costs and increase revenues by engaging lawyers with the business acumen and experience to function not simply as implementers of decisions, but as authentic "counselors" helping to make decisions in the first place.

More than ever in this uncertain and difficult economic climate, business decisions need to be smart, creative, and principled. The marketplace simply has no room for poor decisions. Bombarded with endless choices to make (buy this, sell that, invest or don't invest in such-and-such), it is impossible in this increasingly complex and interconnected world for a business owner to have all the information needed to make the best decisions.

Good business owners surround themselves with smart and experienced people inside and outside the business. An experienced business lawyer, working collaboratively as part of a team, can often help a business find creative new opportunities and ways to succeed, which is generally more important than finding expenses to cut.

Keith Bookbinder, partner, Lougen Valenti Bookbinder & Weintraub CPAs, Amherst:

Even during robust economic times, businesses should be reviewing their cost structure and making adjustments to take advantage of cost-saving opportunities. When the economy takes a downturn, the cost-cutting process becomes more important. Businesses should not be hesitant about cutting costs since every dollar of cost-cutting is one more dollar in their pocket.

Tough times require tough action. Look everywhere for cost-cutting opportunities. No area should be off-limits. You still need to keep your business' infrastructure in place, so the reality is that you as the business owner may be required to wear a lot of different hats during difficult times.

Remember these key points: (1) maintaining quality service to your existing customers must be unaffected by cost-cutting measures, and (2) cost-cutting can only go so far, so don't forget to look for creative ways to maintain and grow your sales base.

James Segarra, managing partner, Tronconi Segarra & Associates CPAs, Williamsville:

Our management team has developed numerous steps companies can take in conjunction with their accountant to weather tough economic times:

If a budget isn't already in place, it is absolutely critical to develop one and stick to it.

Meet with current vendors and service providers to determine if purchases you've historically made are still the right ones. Also, perform vendor reviews of all products and services to determine the availability of purchase/sale commitments, early-pay discounts, volume discounts or rebates.

During economically challenging times, meet with both customers and suppliers to discuss each other's business status.

Analyze ways to lower cash-flow needs by communicating with employees that spending must be tightened, review inventory-management practices, and make sure invoicing for all billable services and contractual items is done promptly. You might also conduct an audit to determine if you're overpaying sales-and-use taxes on purchases and utility bills.

Use technology to reduce overhead or out-of-pocket costs. Employees who telecommute reduce the need for office space. Online webinars and meeting services can decrease travel costs and time by enabling virtual meetings via computer.

Craig Slater, managing partner, Harter Secrest & Emery LLP, Buffalo:

The key to maintaining business prosperity in difficult economic times is to make sure income exceeds expenses while maintaining growth and market momentum. In my view, the question is less about how to cut costs and more about how to add to profits and value while you reduce costs.

Use preventive medicine. Applied intelligently, smart-bombing legal and accountant fees now to fend off liabilities in the future can be and usually is a good investment.

Challenge your professional to match joint venture or financial partners to share risks and costs and require him to bring business to you. Consider teaming with municipal entities for tax benefits, grants or loans.

Your professional can assist in determining which aspects of the business should be divested or invested in when assuming risks, tax consequences, immediate or deferred income and expense projections.

Explore whether it's cheaper to outsource or in-source all or some aspects of the professional's services. Discuss it with your professional.

Lastly, assess the legal and tax consequences of reducing insurance coverage, labor and legacy costs, and operating expenses.

Rocco Surace, managing partner, Gaines Kriner Elliott CPAs, Amherst:

The easy answer is to challenge every cost. Concentrate on what should be normal. Have accountability that all expenditures are made under the best terms for the value received. Please note that I did not say at the lowest cost. Lowest cost rarely equals best value.

Do not cut costs where you have invested in improvements; culturally and strategically, that can be a disaster. Do not waste money chasing new answers. Focus on what you do well; markets value reliability.

Remember the mantra "Cash is King." To permanently implement cost reductions, the single largest opportunity facing you is to improve the flow of your order fulfillment, whether you sell products or services. With that focus, inventory and related costs will go down and cash will increase.

If done correctly, your sales will go up because your focus is now on what the market is buying, not building inventory.

Dale English is a freelance writer.