Bob Fifer, author of Double Your Profits in 6 Months or Less, says a common mistake that managers make is to be too cautious when cutting costs.
“Let’s not cut Cost A unless we’re sure it’s the right decision.”
Fifer says this mindset is exactly backwards, and a big mistake for a business trying to reduce spending.
Instead, managers should be saying: “Let’s not keep spending Cost A unless we’re sure we need that cost.”
It’s a small change, that could have a big impact on your bottom line.
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