Encouraging firm cutting (7)

I believe the answer is:

coaxing

'encouraging' is the definition.

'firm cutting' is the wordplay.
'firm' becomes 'co' (a firm is a company).
'cutting' becomes 'axing' (I've seen this before).
'co'+'axing'='COAXING'

(Another definition for coaxing that I've seen is " Inveigling, cajoling".)

I've seen this clue in The Times.

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