Cost Reductions Quotes

“Companies should seek opportunities for cost reduction to improve efficiency, increase profitability, and maintain a competitive edge. Cost reduction efforts can lead to better financial health, enhanced competitiveness, and the ability to allocate resources to other critical areas of the business, fostering long-term growth and sustainability.”
― Hendrith Vanlon Smith Jr.

“The "trap of cost-cutting exceptions" is a phenomenon whereby short-term cost reduction measures lead to increased long-term expenses due to unforeseen exceptions and their associated costs. It is sometimes the case that the total cost to be incurred over a period of time by having to deal with exceptions arisen from a particular cost cutting measure; may in fact be cumulatively more expensive than the original cost the business was trying to eliminate. In this case, the original cost is, on a net basis, less costly than the cost cutting measure.
Prioritizing immediate savings without considering potential long-term consequences can be detrimental.”
― Hendrith Vanlon Smith Jr., GAME CHANGR6: An Executives Guide to Dominating Change, by applying the R6 Resilience Change Management Framework