Biz Brains Systems
Biz Brains Systems
Your virtual CEO and CFO
Biz Brains Systems
Biz Brains Systems
Your virtual CEO and CFO

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. 

Advantages of Coworking places

Control Inventory Costs

1. Never fall for Minimum order quantity even if they are very attractive deals

2. Have a close watch on reorder point of inventory

3. Always clear out obsolete stock

4. Maintain inventory with help of good software

5. Have a strong Just in time system

6. Monitor Inventory KPIs

Advantages of Coworking places

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

Outsourcing of Non-core Functions

Credit Cards rewards

Utilisation of Credit Card Rewards Points


Find Substitute Cheaper Products / Services

Find Substitute Cheaper Products / Services


Contract deliverables

Audit of Fulfillment of deliverable in a contract

Old Obsolete stock

Identification of Old obsolete inventory in time

Unused items sales

Sell off unused items and generate cashflows

Companies like OLX and Quikr can help to sell off unused items. 
impulse spending

Control Impulsive buying

Bulk Discount

Try for bulk purchases discounts

Social Media Marketing

Use of Social media as cheaper marketing option

Negotiation skills

Strong Negotiation Skills

Consolidate the purchases to negotiate and get discounts for bulk purchases. Always have alternate options which gives you negotiation power with existing suppliers.  
Journal Subscription

Industry Journal Subscription

In the era of internet, many paper subscriptions are proving to be ineffective and need to be discontinued. ROI of investment in subscription should be compared against ROI of online subscriptions. 
Trainings

Trainings and Workshops for Skills developments

There are online trainings options like Udemy or Udacity.

Minimizing human errors

Minimising Human Errors

Data Analysis

Data Analysis

KPIs

KPI Definition

Collaborations

Collaborations


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. 

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