Cost Savings / Efficiency Improvement

Cost savings is very important for every business even if they are profit making entities. It helps them to provide products ans services at competitive rates to their customers. Today most of the businesses struggle to earn profits as they cannot control costs. These businesses generally have big overheads or establishment expenses. These are called fixed costs. Certain businesses cannot even recover variable expenses and hence incur losses.

What are basic guidelines for reducing costs:

1. Improve efficiency

2. Look for cheaper inputs

3. Look for discounts

4. Better planning and systems

5. Reduce errors and mistakes

6. Learn from past mistakes

7. Trainings

8. Preparing Standard practices manual

9. Taking insurances for losses

10. Proper Pricing

Read knowledge bank on cost control

B2S Success Story
Manpower Supply Services Example