Over the last month, I’ve noticed that many of the founders I work with and am friends with have shifted their thinking and actions around finances. Almost all of them are now focusing on controlling costs and understanding what they’re getting for money they spend on expenses. This changing mindset reminds me of the old saying: “Take care of the pennies, and the dollars will take care of themselves.”

As economic uncertainty increases and growth becomes more challenging, founders shift from growth mode to efficiency mode, especially those with companies that aren’t profitable and therefore consume cash. The shift to efficiency mode is often intended to reduce the rate at which cash is consumed (i.e., the burn rate). When cash in the bank lasts longer, the company has a longer runway to either weather the current storm, begin generating a profit, or just get lucky.

I’m not sure if this is happening more broadly, but it’s definitely happening with the founders I know.