Cost-efficiency in business is the idea of implementing improvements to a product or process using the same or fewer resources. In this way, it’s a cost-cutting strategy that’s sustainable in the long-term because it leads to higher-quality operations that help your business scale.
One convenient thing about cost-efficiency is that, similar to continuous improvement, you can apply it to any process in your business. Determining if a process is cost-efficient means performing a cost-benefit analysis before you implement changes. Estimate the monetary value of every risk or benefit individually before proceeding with planned improvements.
Streamline processes and cut costs by learning:
- What cost efficiency is
- Cost-efficiency vs cost-effectiveness
- How to do cost-benefit analyses
- Every type of business cost and benefit
Share this guide:
