The Hidden Cost of Cutting Costs #BusinessGrowth #SustainableGrowth

1 Aug 2024 · 0 min

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In this segment, the speaker outlines three strategies for business growth, beginning with a critique of cost‑cutting. He describes cost‑cutting as the accountant’s favorite, especially during the COVID‑19 crisis when many businesses reacted by trying to save money to survive an uncertain period. He argues that this approach is short‑term thinking that fails to deliver sustainable, long‑term growth for a company.

I think that's my goal. But a little bit of theory. 3 ways to grow your business. The first one is you can cut your costs. This is the accountant's favourite. Hyper-relevant during COVID when there was like an emergency going on where everybody, you know, was catastrophising around their businesses. Nobody knew what the fuck was going on. So it was like, right, let's just hunker down, save some money, and hopefully that'll keep us going through this awful time that we were going through. For me, it's very short-term thinking. It doesn't give you long-term sustainable growth within your business. Okay.