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Businesses: Four tips to reduce costs without laying off or cutting salaries

Learn which strategies Portuguese consulting firm Expense Reduction Analysts considers essential for cutting costs in a company.

08 May 20242 min

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Discover four strategies to ensure the viability and growth of a business.

According to information released by Expense Reduction Analysts and shared by Notícias ao Minuto, in times of uncertainty it is important to take into account expense management and preservation of human capital to ensure the viability and growth of a business.

The Portuguese consultant specialized in cost optimization and purchasing management thus highlights four strategies for companies to reduce expenses, without having to fire employees or cut salaries.  

Pay attention to the following four tips:

Evaluating suppliers - "It is estimated that an average company spends about 70% of its revenues on suppliers, so conducting a thorough evaluation of the supply chain plays a key role in cost reduction. However, rethinking and identifying opportunities to save financial resources cannot compromise the quality and effectiveness of operations and, consequently, products and services".  

Optimize and monitor processes - "Optimizing processes is an essential strategy to reduce expenses and gain competitive advantages. By identifying and correcting internal flaws, companies are able to operate more efficiently and agilely, adapting more easily to the challenges imposed by the market. At the same time, it allows the delivery of products and/or services with higher quality in a shorter period of time, contributing to the financial sustainability of the business".

Turning to Artificial Intelligence - "Despite requiring not only financial investment, but also an organizational culture that promotes collaboration, innovation, and education for technological advances, the adoption of new technologies, namely Artificial Intelligence (AI), should be part of the business strategy as it offers multiple benefits in key areas of the company, bringing competitive advantages, especially to those who invest in it earlier". 

Betting on culture, benefits, and continuous training - "The growing importance of balancing professional and personal life requires companies to be prepared to meet the expectations of new generations and, in this journey, benefit from more experienced ones. And, if one of the main difficulties of organizations is talent retention and acquisition, another is related to the technical skills of employees. Fortunately, there are measures that can be implemented that contribute to the resolution of both."

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