The current recession has driven down the value of many goods and services (gas, real estate, my 401k) and triggered seemingly endless rounds of layoffs. You know it's bad when the formerly un-assailable Tiger Woods loses a lucrative endorsement deal (with General Motors; enough said). But the climate of uncertainty has managed to drive up at least one thing across nearly all industries: the number of companies either developing or implementing cost-cutting plans.
This underscores the fact that when the going gets tough, the tough start cutting costs. Expense reduction is a time honored technique for pushing profits up during times of declining revenue, and it can produce positive results - at least in the short term. However, all cost-cutting plans are not created equal and all cost-cutting ideas are not necessarily good, no matter how much they appear to save in the short-term.
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