Why Cost Reduction?
Reducing the cost base of a business is probably the quickest way to increase profits. In challenging times it can be difficult to grow top line revenue meaning management teams are looking for a solution to the profitability issue.
Controlling Costs
Even with the best of intentions, businesses can often spend too much time managing the Post-it budget and too little time controlling major expenses. Even whilst the order book is growing it is still possible for a business to reduce non-staff costs as a percentage of turnover. Here are a couple of important first steps.
Read more...Streamlining Supplies Costs
After staff costs, for some businesses, cost of sales supplies are likely to be one of the biggest expenses. As such it is a logical place to look to reduce costs. John Baldaro offers 10 practical steps to reduce expenditure.
Read more...Why businesses should reduce costs
You know how frustrating it can be when you’re missing the last bit of a jigsaw? Well, that’s how my week had gone until I read three separate articles today. The credit crisis and its shocks to the real economy have put finance directors on the front line, as they implement emergency measures to help companies survive the recession.
