You need to conceptualize the character's essential, distinguishing features, and focus on those features. Drop features that you don't need to define the character (eg. belt straps). Merge minor features to other features, eg. clothes' edges to the body's contour.
With your example, you could easily reduce lines in the hair, the belt, the muscle shape and the clothes shape, to start with.
If you're not too hung up on the style, you might even compress overall proportions.
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Reduce the lines to the essentials, of course. But then create a number of 'key' frame images - these will be drawings that you can reuse again and again. Draw head, arms and torso separately so that you can mix and match. Draw the mouth separately - you can get away with as little as 5 or 6 mouth shapes for all syllables.
Look into 'bone animation'.
The trick to animation is not redrawing; it's re-using creatively.
I think the only part you could reduce at this moment are the belt and the belt loops. the pant's belt loops look nice in a still frame, but when you try to animate them, the animator (or you) will curse you for the rest of their days. Usually most cartoons dont give their characters belts, or if they do its only the belt paced on top of the pants.
Other than that i think the model is simple enought
In regards to simplifications like everyone has already mentioned. You could take a look at shows from the DCAU (the timverse).
they perfected this really well while still retaining the essentials of their characters.
I assume this is going to be cell animation; You could simplify the process for some of the animation shots by using bone animation; which is basically making individual body parts that you can attach a bone to; this will allow you to manipulate the character by moving the bone associated with the body part;