The majority of cost savings strategies fall into three broad categories: strategic, tactical, and crisis Management. Some examples of what these can encompass include:
- Outsource non-core services
- Joint ventures
- Key rationalization methods
- Strategic divestiture
- Fundamental shift in business model
- Discretionary spend reduction
- Outsource noncore businesses
- Eliminate business redundancies
- Operational efficiencies
- Spend management
- Stop all nonessential spend
- Rapid closure of loss-making lines/businesses