Reducing hardware and maintenance costs while increasing system usage were the keys to Commonwealth Financial Network’s recent server consolidation initiative.
Cutting Down Your Trade Show Budget
Whenever a recession or volatility threatens the economy, companies immediately look at where they can cut budgets. Without much forethought, the first to hit the block is inevitably training, followed closely behind by marketing. Why? Both are viewed on the balance sheet as expenditures rather than income generators, so obviously they’re hot contenders for elimination.
Cutting Costs Without Losing Your Shirt
Are you feeling the crunch? After years of heavy investment and expansion, businesses across the economy are feeling enormous pressures to reduce their costs. Such a tactical reversal is a difficult change in approach for managers mired by the "grow at all costs" mentality of the 1990’s. But hold on a minute; despite the sense of urgency at achieving cost savings, it is vital that business managers apply strategic thinking to the reduction of their costs. A well-conceived cost reduction strategy enables managers to capture maximum value in the form of direct savings and the installment of a culture of efficiency while minimizing the destruction of company value resulting from cutting too much from core business activities. This article will outline some of the reasons that companies are feeling the pressure to reduce costs and then offer a five-step methodology for building a foundation of strategic cost reduction (SCR) in your organization.
Beat Your Competition Without Cutting Your Price
One way to beat your competition is to charge less for a similar product or service. But you can also beat your competition when your price is higher. One of the best ways to avoid price competition is to become a specialist in a narrowly defined targeted market.