3 Questions to Ask to Trim Spending In Your Lineup

Almost every business (and individual, family and household) is looking for ways to reduce their spending. In the December 8 issue of Fortune Magazine, there is a great regular column by Jia Lynn Young entitled First. The following question was asked to a panel of 3 executives from major companies: I need to cut costs dramatically. How can I find smart ways to do it?

You'll have to buy the magazine or subscribe to Fortune to get the full article, but the panel as asked 3 questions to guide their responses. They were:

• How do I identify where I'm spending too much?
• Are there some cuts that are not worth taking?
• What are some reductions companies often overlook?

Reflecting on your own answers is a good way to determine if your business is prepared to weather these difficult times and if you have the right leadership strategy. If you struggle with any of them, get the article.