In times of economic uncertainty, companies often resort to cost-cutting measures to maintain profitability and weather the storm. However, traditional approaches to cost reduction can have negative consequences, leading to employee disengagement, reduced productivity, and ultimately, a weaker company.
To avoid these pitfalls, leaders must adopt a different mindset and approach to cost managementone that focuses on long-term growth and employee well-being.
Cost cutting is not simply about reducing expenses; it is an investment in the future of the company. To achieve sustainable growth, organisations must make deliberate choices about where to invest and focus their resources on activities that truly differentiate them from competitors…
Read the full article at: https://the-cfo.io/2024/01/09/cfo-playbook-balancing-the-budget-with-a-human-touch/