To the naive and the inexperienced, making more profit is simple- you just cut some costs!
Cut the suppliers so they can’t keep to the deal, cut the wages so we get unhappy staff, cut the marketing so we get less new business, cut the training so we are not as good as we could be – the list is endless.
The skilled business builder is not blind to costs but they understand that a purely cost cutting mindset only ever leads to that one final big cost saving…
Shutting the doors.
“It is surprising how few men appreciate the enormous dividends derivable from investment in their own business” -Andrew Carnegie
Good advice. Saving money is important but it is equally important to keep staff happy and well trained.
Good blog! Sometimes I think some people think that cutting costs is an elixir to better business.