With fast paced changes in a business environment companies had to take fast decisions with little time for finer details to look for any deviation or error in selecting wrong strategies could lead to disaster for the business
Here are 5 basic steps for cost cutting
- Baseline
- Identify quick wins
Companies should identify the opportunities available with possibblities of savings with minimum of investment and are sure of quick results.
- Quantify and communicate cost reductions
Any cost cutting needs to be quantified No assumptions or vague figures .facts and figures needs to be figured out before planning for cost reduction strategies and achievements to be highlihted to all
- Aligning cost reduction with business strategy
- Simplify operations
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http://companies.mybroadband.co.za/blog/2010/05/10/five-steps-to-smarter-cost-cutting/
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