Based on a previous article (4 Cost Reduction Strategies That Will Grow Your Profits Exponentially), we’ve created this cost reduction strategies infographic for your viewing pleasure.
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ENCOURAGE REMOTE WORKING
Allow employees to work from home.
Many businesses hire remote employees because it helps reduce the cost of additional office space, new office equipment, and utilities. Recent studies show that it also results in happier, more productive workers.
NEGOTIATE WITH SUPPLIERS
Develop a mutually beneficial relationship.
Negotiate the cost of your raw materials by convincing your suppliers that your business is a long-term benefit for them. Improved payment terms can also help improve your cash flow and profitability.
MANAGE TRAVEL EXPENSES
Don’t travel if you can use technology instead.
Consider having virtual meetings via Skype, Web-Ex, and other digital resources. This can help save both your time and money and is an effective way to reduce your costs.
INVEST IN TECHNOLOGY SOLUTIONS
Technology is the most effective strategy.
You will incur a high cost in the beginning, but the use of modern technological solutions can increase the efficiency of your operations. In the long run, this will lower your operating costs and increase your productivity.
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