The starting point for any cost-cutting exercise is to take a long, hard, honest look at where the money is going. Either get your finance team people to do this or preferably collaborate with them on a joint fact-finding mission. Key points here would be:
Investigate where the general spend is going within your company: It is crucial to match your spending with your goals. The most common cause of wasted resources is the misdirection of them.
Identify which departments are showing the best returns on investment: Analyse the spend and return of each of your departments. You will then get a feel for which are reaping rewards, and which are underachieving. Remember that non-profit making does not necessarily mean that a cull is needed. It may be a case of simply tweaking the department to get it back on track.
Identify and eliminate overspend: If there is an area of overspend in your company, take a long hard look at why. It could be your fault for misdirecting resources, or it could be that the department is not on the same page as your company game plan. Trimming budgets here should be relatively easy.
Ensure your resources are being used efficiently: Check that your project plans are in sync with where the resources are going. If not, investigate all departments to find gaps in communication and failing areas.
It is crucial to be brutally honest with yourself when analysing goals and expectations moving forward. Always ensure that you track everything from the ground up. Often the truth is to be found at the coal face.