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In economically challenging times it is no surprise to see the knee-jerk reactions of many organisations to 'Cut costs'. Overall solvency (profitability), and the monthly demands of liquidity (cashflow) are vital for the health of any company - most businesses cannot rely on government rescue like that extended to some now infamous banks - so it sometimes seems that cutting costs is the best thing to do. However cutting equally across all cost centres in a blind panic is rarely effective in the long term and should be taken as a last rather than first resort. There are often many avenues that can be addressed before wielding an indiscriminate axe.
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