👉 Cutback is a reduction in spending or revenue by an organization due to a change in its budget. It can be caused by factors such as decreased demand, increased competition, or operational inefficiencies. The goal of a cutback is to reduce costs and increase efficiency while maintaining financial stability.
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What is the definition of Cutbacks? 🙋
👉 Cutbacks are reductions in spending or revenue that occur due to budget cuts, which can be made through various means such as reducing staff, closing departments, and downsizing operations. They are often implemented by organizations in order to reduce costs and improve efficiency, aiming to balance short-term financial pressures with long-term sustainability and growth.
