Cost reduction strategies are business plans designed to increase profit margins by reducing the cost of producing and delivering goods or services without compromising the quality. To do this, businesses must first identify current sources of spending then develop creative ways to cut down on those costs. This can include streamlining processes, using alternative suppliers, shopping around for better prices on materials, and introducing technological solutions that create efficiencies. By taking a holistic approach to cost reduction strategies, businesses are able to save themselves both time and money in the long run.