While Procter & Gamble (NYSE: PG) may set the golden standard for dividend aristocracy, there are good reasons to hold off on this company today. Despite 56 years of dividend hikes, P&G's earnings haven't been able to keep pace in recent quarters, and the company may have a more difficult time meaningfully hiking their payouts each quarter. The company is in need of some earnings adrenaline, but they're looking in the wrong places: internal cost-cutting. 

Like any mega-cap company, P&G probably has a lot of fat that they could trim to grow earnings a bit, but you can only go so far with a strategy like that. Instead, the company should be focusing on growing their top line with new high-margin personal care products. It won't be easy, but it may be one of the best ways to sustain their sterling reputation.

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Austin Smith owns shares of Unilever. The Motley Fool has no positions in the stocks mentioned above. Motley Fool newsletter services recommend Kimberly-Clark, The Procter & Gamble Company, and Unilever. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.