Changing the Conversation About Costs

IF YOU ARE LIKE MOST executives, you have been spending a lot of time lately thinking about costs. Many businesses are struggling to survive, as the worst global economic crisis in more than seventy years unfolds. Others, even if they’re doing relatively well right now, are reducing expenses to make sure they are well prepared for future uncertainty. The pressure to cut costs—whether driven by your cash flow, your shareholders, your uncertainty, or your investment needs—is extraordinary.

But there is a positive side to this situation. Dramatic cost cutting gives you a chance to refine or even reformulate your overall strategy. After all, you’re never just cutting costs. You’re making a decision ...

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