Cutting costs internally and freeing up cash

Nearly 40% of the companies surveyed felt that had been a significant deterioration in the business environment in their individual sectors with over a third noting competitors withdrawing and a rise in bankruptcies. More than two thirds have already implemented increased frequency of reporting risk to their boards.

The drive to cut costs has already impacted internal business strategy. Over 80% of respondents have already undertaken a major costs saving analysis, nearly two thirds had instigated a headcount reduction program and over half had rationalized their IT spending.

European companies were more likely than their US counterparts to look to cut costs on Real Estate and IT rather than cutting direct or indirect employee costs.