7 Smart Ways to Trim Your Company's Budget
Simplify Your Product
"In times like these, it's smart to think about de-featuring: dialing back the performance of products or services to make them cheaper and simpler," says Scott Anthony, CEO of Innosight, a Watertown, Massachusetts consulting firm that helps businesses grow through innovation. "As a management consulting company, we focus on full-scale projects that cost clients hundreds of thousands of dollars. The costs to us are mostly people: A typical project requires three to five consultants working for several months. But when we started out, our core business was workshops. They were far less resource intensive than our current offerings, lasting just one or two days and requiring one or two people to stage. Now, we are looking at bringing back those workshops. We already know how to do them, and we can hit an attractive price point of less than $100,000." In 2008, Innosight had $12 million in revenue.