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Presently, the world is faced with an economic depression. Companies are shutting down, workers are being laid off, and many are downsizing. This is not a good time for business owners and their employees. However, this is a time when founders will become strategic in cutting costs. In this article, I discuss how companies can cost without getting negatively affected.
Reduce Working Hours
Shutdown Unproductive Operations
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For instance, rather than keeping two offices where the same tasks are done, it is important to collapse both offices to save energy and power costs.
Consider Eliminating Needless Allowances
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As earlier stated, these changes must be discussed and agreed upon by all and must be effected across the board with no one being exempted. The most important thing is to let everyone see the need for such changes.
Downsize Where Necessary
ConclusionCutting costs is pivotal in staying afloat as a company during the recession. However, it requires you to be strategic about it otherwise it might end up being counterproductive. Therefore, this article identified ways to get it done. First, reduce working hours to get more done while saving much in the long run. Second, shut down unproductive operations; third, shun flamboyance and stay on low but get and fourth, eliminate needles allowances. Finally, downsize where necessary. Featured Image Source: Toppr
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