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Smart cuts

Managing and cutting costs remain right at the top of management’s agenda. Andrew Wileman describes how to do this intelligently.

Eight years into the global financial crisis we are seeing recovery, but it’s patchy and weak – top-line growth is still hard to find, eurozone markets are flat, emerging markets are shaky. In the UK, many labour-intensive businesses are working away at moderating the profit impact of the cost of introducing the living wage over the next five years.

Here are some tips on cutting costs without undermining core values or growth potential.

Strong management behaviour and leadership

What constitutes strong leadership?

  • A continuous improvement culture, always seeking productivity gains – mainly in small steps, not radical changes.
  • Work to short timeframes – what can be achieved in the next month, the next
    quarter?

This is an extract from the Finance & Management Magazine, Issue 240, February 2016

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