Be frugal in the right ways: When you spend money as a business leader, you have to treat it like your own money. To be highly productive, you have to be frugal. At the same time, you have to spend money to make money, which means that frugality has limits. For example, during a pandemic like the one we’re experiencing, it’s crucial that startups cut spending and preserve cash. But you shouldn’t squeeze your key suppliers by renegotiating contracts. By sticking to your word, you build loyal relationships that will outlast the pandemic. Instead, startups can do things like freeze hiring to make sure the company maintains a frugal approach that also maintains important business relationships.