From the course: Cost Reduction Tips - How To Cut Costs And Maximize Profits

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Better alternatives to firing

Better alternatives to firing

From the course: Cost Reduction Tips - How To Cut Costs And Maximize Profits

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Better alternatives to firing

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- I've already been mentioning this as a theme throughout this course. But if you are going to save people's time, and it's a big cost, you've really only got two choices. And one is, if you've saved people's time is then to get rid of some people. So if you can save 10%, on the time required to do something, you can get rid of one person in 10. But before you get rid of somebody, there are some better alternatives. And the first one is, sell more. So if you could use those extra people to do more work, to sell it and do it, then that would be great because they're probably good people. Although if you're going to get rid of one in 10, if you get rid of the worst one of the 10, there might be somebody quite bad you get rid of. But if you've got 10 good people, it just seems a real shame to have to get rid of one of them. So sell more instead, you know, do 11 people's work with 10. And so I would start with an Ansoff's Matrix, and I would think we've got existing products, what other…

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