Cost-cutting measures are strategies implemented by businesses or organizations to reduce expenses and improve financial efficiency. These measures can include reducing staff, renegotiating contracts, or finding cheaper suppliers. The goal is to maintain or enhance profitability while minimizing the impact on operations and services. Common cost-cutting techniques involve streamlining processes, adopting technology, and eliminating waste. For example, a company might invest in automation to reduce labor costs or implement energy-saving practices to lower utility bills. By carefully analyzing spending, organizations can identify areas where savings can be achieved without sacrificing quality.