According to the U.S. Small Business Administration, there are nearly 28.8 million small businesses in the United States employing 56.8 million people. In 2013, small businesses alone created 1.1 million net jobs [1]. The impact of small businesses on the American economy is without a doubt monumental.Despite their positive gains, many small businesses have experienced a recent downfall and are resorting to last-ditch efforts to reduce costs, including downsizing. When considering this approach, there are many ways to prepare and mitigate the backlash of a company downsizing. Businesses can also benefit by creating a plan, which may include the following details [2]:
