Do you have a task to chop costs? Here are some suggestions
1-Challenge the Status Quo
Things have been made the way they are for a reason which was valid a few years back. It may be frivolous today!
2-Challenge the Extras
Get only what is necessary and avoid the optionals, extras and premia. They all add up extra expenses and deliver marginal value (fatter profit for the supplier).
3-Take a short term view to cash flow
Avoid long term commitments and focus on minimizing outflows, thats why leasing is a good idea.
4-Slip down your offerings
If you want to keep your costs down your have to chop your offerings to bare essential thus keeping the input costs as low as possible.
5-Stick to your spending plan whatever the benefits
If you have a plan stick to it till you review it. Most cost over-runs happen because of bad planning or tactical supplier efforts to make you spend more as you go along. Resist that!
"Plan to spend, but spend to plan"
Managing Director and Chief Programmes Officer based in Malta and an avid entrepreneur who likes sharing his expertise in various fields with people from all walks of life.
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