According to the Harvard Buisness Review, any business on a quest to cut costs, should keep two key points in mind. Forget about trying to find a silver bullet – a single idea or cost reduction strategy that will solve all of your your problems in one go. Any solid cost reduction plan will combine 10 or more actions. Secondly, the amount of disruption will usually be proportional to the degree of cutting you do. With this in mind, be sure to tailor your reductions in such a way that they align with your borader savings goals. Incremental changes can ultimately have a big impact.
Today, technology offers the savvy business countless ways to streamline their operations and, in doing so, cut costs. Want to guarantee that your cost cutting efforts are effective?
This infographic rounds up everything you need to know.