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Interview Patty

Small Business Consulting in Houston

How to Control Costs

1. - Identify your major costs, such as staff, raw materials and other supplies, premises, utilities, travel, transport, capital expenditure and financing costs.


2. - Decide which costs to control centrally and which should be the responsibility of individual cost centres (eg production, sales).
3. - Involve employees by explaining what you are doing and encouraging cost-saving suggestions; consider offering incentives.
4. - Establish cost budgets and monitor actual costs against budget as part of a systematic cost-control process.
5. - Review how activities and costs contribute to achieving your business objectives and quality standards.
6. - Benchmark key activities and costs to identify long-term opportunities for significant cost reductions.
7. - Consolidate purchasing with a small number of suppliers and negotiate improved terms and discounts; check invoices for overcharging.
8. - Eliminate unnecessary activities, duplication of effort and unnecessary waste; reduce obvious overcapacity.
9. - Control excessive costs - for example, over-specified supplies, or always using first-class post.
10. - Identify opportunities to improve efficiency; use technology where appropriate and consider outsourcing non-core activities.
11. - Design products and production to use standard components and efficient processes; improve quality control to minimise waste.
12. - Improve financial control; refinance expensive overdrafts with loans and minimise working capital.
13. - Before making any changes, assess the potential downside, such as damaging morale, reducing quality or creating long-term vulnerability.

Source: startupdonut

Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.

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Business Coach in Houston.

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