If you're a small business owner right now, you're probably feeling the tension in the market. 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. Related: 5 Ways to Cut Costs in Your BusinessUnderstanding your costs comes firstStudies show that a large portion of small business owners are not aware of their key expenses. Other expenses that tend to be fairly easy to reduce include outside contractor expenses, unused subscriptions and travel expenses. This kind of detailed financial review can be intimidating and stressful, but it is absolutely critical to surviving a slowdown as a small business.