Cost reduction is the process of reducing unnecessary expenses to increase their bottom line. Methodologies and results vary from business to business. However, effective cost-cutting is a dynamic, continuous, and reflective process. Businesses are fluid, and cost reduction needs to follow suit. But, it’s not as simple as you think… If you approach cost reduction from an elimination-only mindset, you’re missing out on a lot of other very useful strategies. Shockingly, you could actually end up costing your business more.