Providence Business News asks 70 local business executives how their companies have attempted to cut costs, how well those efforts have worked, and what they’ll try next.
In your experience, have long-term investments provided the cost savings you expected?
• Yes – 79.0%
• No – 21.1 %
Which is more important to control, fixed costs or variable costs?
• Fixed – 36.8%
• Variable – 63.2%
Which segment of your business will yield the most cost savings?
• Operations – 42.1%
• Administration – 21.1%
• Sourcing – 21.1%
• Finance – 10.5%
• Sales & Marketing – 10.5%
What initiatives will you undertake over the next two years to improve your cost structure?
• Operational improvements – 73.7%
• Managerial improvements – 68.4%
• Technology upgrades – 63.2%
• Staff training – 36.8%
• New products – 31.6%
• Eco-friendly changes – 5.3%
Do you need outsourced help to make improvements?
• Yes – 50.0%
• No – 50.0%
The Providence Business News Executive Poll is a weekly survey of 70 business leaders, representing small and large businesses in a variety of industries throughout the state.
