How Can Cost Cutting Measures Be Monitored for Effectiveness?
To ensure that cost-cutting measures are effective, business leaders should:
Set Key Performance Indicators (KPIs): Monitor specific metrics to track the impact of cost reduction efforts. Conduct Regular Audits: Periodically review financial statements and operational processes to assess savings. Gather Employee Feedback: Solicit feedback from employees to identify any unintended negative consequences of cost-cutting measures.