Resources on Costs Savings
Every business needs to save unnecessary costs. Every business needs to be disciplined with their money. Every rupees saved is rupee earned. Most of the businesses fail due to financial issues as they cant be profitable. They fail to earn profits even after few years into business.
After working with numerous listed companies, multinationals and even SMEs we identified following very unique and very effective methods of costs savings which will help every business to save on their costs.
Many a times quick fixes in cost cutting result into issues in long term. Cost cutting has to be attempted strategically and with proper thinking and plans. It should not be in haphazard manner which will affect business in long run. Top management should be involved in costs cutting. To make it successful, even incentives may be given away. Ownership should be created for cost cutting function and targets should be set.
Engaging employees and taking suggestions from them is the best idea as motivation to cut costs is ensured and chances of successful implementation are more in such cases.
Each expense may be considered in detail about what it really contributes to the business, whether or not it is furthering the business.
Real Cost Control
Watch the story of Harshvardhan who learnt about real cost control.
Top cost control advises
Every businessman always looks for best cost control advice. Importance of cost control is known by every businessman. Objective of cost control is to increase profitability. Hence we have listed down list of best cost control practices. There are some of the best cost control techniques.
Co Sharing Work Places
For Start-ups which are looking to save costs in initial phases, co-working places is a great option nowadays. Companies like Wework are investing a lot in co-working places worldwide and getting good response.
Outsourcing of Non-core Functions
Utilisation of Credit Card Rewards Points
Find Substitute Cheaper Products / Services
Audit of Fulfillment of deliverable in a contract
Identification of Old obsolete inventory in time
Control Impulsive buying
Try for bulk purchases discounts
Use of Social media as cheaper marketing option
Strong Negotiation Skills
Industry Journal Subscription
Minimising Human Errors
Employee Travel Policies
Have employee travel policies well defined and ensure strict implementation of it. Try to avoid overnight stay and encourage one day trips as far as possible.
Know how B2S score is helping to save costs for SMEs and listed companies alike without affecting efficiency.