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Global value creation stories
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Corporate website
©2023 Eight International
Remove more cost items than you think necessary – you can easily add them back later.
Be relentless about removing costs
Confide in your people and be honest about why there’s a need for change. Build trust and maintain it throughout the campaign.
Communicate clearly about the objectives
Build momentum quickly and maintain focus and pace
Urgency, often prompted by a particular event, helps build momentum. Keep this up throughout the campaign.
Build momentum quickly and maintain focus and pace
Actions speak louder than words
A leader’s personal sacrifice has to be real – and be perceived as such by employees. Symbolic wins go a long way toward reinforcing the case for change.
Download
the white paper
To find out more about how to recognize some of the catalysts of cost reduction and how to stay ahead of the game, read our white paper: Rapid cost reduction: How to drive cost efficiency into business operations.
The key benefits are speed and efficacy. Such a program can be mobilized in a matter of days (with limited up-front costs) and implemented within a couple of months. Depending on the circumstances, the first improvements on overhead costs should be visible within the first three to six months. What’s more, any additional cash flow released by a successful rapid cost reduction program can be used to fund other value-creating initiatives, for example divestment or acquisition, digital transformation, or supply chain optimization.
Rapid cost reduction programs also give businesses control. They don’t rely on customer behavior or market conditions. The scope is clearly defined, allowing businesses to ring-fence areas not subject to the program. And they can be timed to fit around seasonal and peak trading. Another important step is to identify which costs really add value: then it’s a case of removing those that don’t and retaining those that do.
Getting ahead of the curve and introducing a cost-savvy culture will prepare a business for future volatility. Here are four key points to keep in mind:
A rapid cost reduction program
Soaring energy bills, surging material costs, higher wages, rising interest rates … Inflation is cutting into businesses’ profits and putting them under immense pressure in the process. Conventional measures to firm up the balance sheet and drive profitability can’t deliver effective solutions fast enough. So what’s the alternative?
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Looking at business
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Download
the white paper
To find out more about how to recognize some of the catalysts of cost reduction and how to stay ahead of the game, read our white paper: Rapid cost reduction: How to drive cost efficiency into business operations.
Corporate website
©2023 Eight International
Confide in your people and be honest about why there’s a need for change. Build trust and maintain it throughout the campaign.
Communicate clearly about the objectives
Remove more cost items than you think necessary – you can easily add them back later.
Be relentless about removing costs
Authors
Build momentum quickly and maintain focus and pace
Urgency, often prompted by a particular event, helps build momentum. Keep this up throughout the campaign.
Build momentum quickly and maintain focus and pace
Actions speak louder than words
A leader’s personal sacrifice has to be real – and be perceived as such by employees. Symbolic wins go a long way toward reinforcing the case for change.
The key benefits are speed and efficacy. Such a program can be mobilized in a matter of days (with limited up-front costs) and implemented within a couple of months. Depending on the circumstances, the first improvements on overhead costs should be visible within the first three to six months. What’s more, any additional cash flow released by a successful rapid cost reduction program can be used to fund other value-creating initiatives, for example divestment or acquisition, digital transformation, or supply chain optimization.
Rapid cost reduction programs also give businesses control. They don’t rely on customer behavior or market conditions. The scope is clearly defined, allowing businesses to ring-fence areas not subject to the program. And they can be timed to fit around seasonal and peak trading. Another important step is to identify which costs really add value: then it’s a case of removing those that don’t and retaining those that do.
Getting ahead of the curve and introducing a cost-savvy culture will prepare a business for future volatility. Here are four key points to keep in mind:
A rapid cost reduction program
For speed, ease,
and control
Rapid cost reduction:
eight insights
Soaring energy bills, surging material costs, higher wages, rising interest rates … Inflation is cutting into businesses’ profits and putting them under immense pressure in the process. Conventional measures to firm up the balance sheet and drive profitability can’t deliver effective solutions fast enough. So what’s the alternative?
Global value creation stories
