If business is looking to cut expenses, which of the following are common strate

Question

If business is looking to cut expenses, which of the following are common strategies? ( select all that apply)
A) outsource labor B) optimize the process C) offer new product or service D) replace labor with technology If business is looking to cut expenses, which of the following are common strategies? ( select all that apply)
A) outsource labor B) optimize the process C) offer new product or service D) replace labor with technology
A) outsource labor B) optimize the process C) offer new product or service D) replace labor with technology

Explanation / Answer

The correct answer is option A, B and D.

In order to cut expenses, business should focus on decreasing cost by identifying efficiencies. This can be done by optimizing processes so that business can reduce waste and thus decrease cost. Outsourcing refers to contracting the business activity to the third party in order to save cost. In order to perform particular activity, organization needs to recruit, train, develop employees with specific skills which require both money and time. Outsourcing this activity to third party will help the organization to save money and time and to utilize the same on core business. Productivity can be increased by replacing labor with technology. This can help the company to decrease its labor cost and thus cut expenses like benefits, payroll taxes and other cost associated with labor.

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