"You cannot grow or turn your business simply by cutting costs.”
In terms of business turnarounds, cost-cutting is the biggest mistake made by consultants and entrepreneurs during the whole process. If you simply keep cutting costs, you very soon find yourself in the position where your business can no longer function properly. Even more concerning is that the most popular cost-saving method is to cut staff; often removing the most valuable of your business’s assets.
By all means, remove any waste; but concentrate on growth rather than cost saving. You can only cut so much and if you do decide that staff reduction is needed, then always start at the top. This is, after all, where the problems started and where the biggest salaries are normally found. You need the workers - who only do what they are told – to carry out the grunt work.