If you're a small business owner right now, you're probably feeling the tension in the market. There is immense pressure to grow, serve your clients, pay your team and still keep a healthy margin against the background of a turbulent economy. At the same time, you know you can't just slash costs blindly, as cutting the wrong things can put you in an even more difficult position.

Done well, strategic cost-cutting can actually make your business leaner, more agile and more scalable — and it can give you increased peace of mind. Instead of running your business from a place of fear, reframe this time as a way to lean out your business and build a stronger foundation. You may be surprised at how you'll run just as effectively with less.

Related: 5 Ways to Cut Costs in Your Business

Studies show that a large portion of small business owners are not aware of their key expenses. Before cutting anything, it is critical to zoom out and get a handle on where your money is actually going.

Labor is commonly the largest expense for small businesses. If you don't already have clear ROI data on your team's........

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