reduce costs
/rɪˈdjuːs kɒsts/
Meaning
To lower the amount of money spent on running a business, project, or operation. It is a very common business collocation used in discussions about budgeting, efficiency, and financial planning. It sounds professional yet is simple enough for daily office use.
Examples
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We need to find new ways to reduce costs without compromising on quality.
We need to find new ways to reduce costs without compromising on quality.
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Switching to a remote-first model helped the startup reduce costs significantly.
Switching to a remote-first model helped the startup reduce costs significantly.
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The management team is looking for opportunities to reduce costs this quarter.
The management team is looking for opportunities to reduce costs this quarter.
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By automating our inventory system, we managed to reduce operational costs.
By automating our inventory system, we managed to reduce operational costs.
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How do you plan to reduce costs for the upcoming marketing campaign?
How do you plan to reduce costs for the upcoming marketing campaign?
Common Mistakes
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✗ We must reduce the prices of our production.
✓ We must reduce our production costs.
Price is what a customer pays. Cost is what a business pays to produce or run things.
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✗ The company tried to economic costs.
✓ The company tried to reduce costs.
Economic is an adjective, not a verb. You need a verb like reduce, cut, or lower to describe decreasing expenses.
Related Expressions
Practice
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Our primary objective this fiscal year is to ___ by renegotiating supplier contracts.
💡 spend less money on operations
Show answer
reduce costs
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To avoid layoffs, the board decided to ___ in other departments.
💡 decrease business expenses
Show answer
reduce costs