Blades manager Kevin Blackwell must work with a reduced budget as the club will lose their Premier League parachute payment and Strafford believes Wednesday are well placed to try and close the gap on their Steel City rivals.
Strafford told Wednesday's official website: "If you look at the situation across the city at our neighbours, they were on a parachute budget and had they won the play-off final, everything would have been rosy.
"But they didn't and there is a lot of money that has to come out of that business model now, upwards of £10million a year across the board and that will have a huge impact on and off the field. That is just one example."
Strafford claimed most other Championship clubs have also been forced to respond to the economic climate by reducing their first-team budgets by between 20-50%.
He added: "It's a great opportunity for Sheffield Wednesday. We've been building up brilliantly in terms of season-ticket sales, they are accelerating now and what Wednesday fans are seeing an opportunity here to progress the club and potentially overtake some clubs and position ourselves nicely for next year."