Cost Reduction Archives

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. Please feel free to share it on your website with the embed code following the infographic, print and share it with your colleagues, or just use it for your own reference. Infographic Summary: Following is the text of the Cost Reduction Strategies Infographic. If you have trouble reading the image, you can also click to open the infographic in a new window and expand it to full size. 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. Cost Reduction Strategies Infographic - Click to open in a new window Share this Image On Your SitePlease include attribution to KevinANye.com with this graphic.