Managing costs aggressively during periods of economic expansion is the most efficient way to fund growth
With signs of economic growth in the air, many companies are giving thanks that the days of belt-tightening and cost cutting are behind them. Budget cuts and plant closings are rapidly dropping off corporate agendas and giving way to a focus on new products, new markets and rehiring programs. Slimmed down and operating more efficiently, companies are looking for ways to boost sales and grow their way to higher profits. While news of this renewed focus on growth is encouraging, the resulting deprioritization of cost management on the corporate agenda is cause for alarm. Why? The only thing certain about planning for growth is that it will cost money.