According to Bob Fifer, author of Double Your Profits in 6 Months or Less, 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.
Instead, managers should be saying: “Let’s not keep spending Cost A unless we’re sure we need that cost.”
Try out this idea in your company. It could have a profound impact on your bottom line.