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Cut Costs Not Corners: A Practical Guide to Staying by Colin Barrow

By Colin Barrow

Cost slicing is an argument for each supervisor and govt at each point in each corporation, huge or small, public or inner most.  Cut expenses now not Corners outlines useful steps to make expense slicing an everlasting company technique rather than a one-time degree.  It covers strategic and tactical cost-cutting innovations reminiscent of interpreting area wishes, purchasing know-how for much less, promoting off redundant resources, lowering credits chance, reviewing distribution equipment, sourcing new providers or consolidating latest ones, ads for much less, altering the path to marketplace, commute and software mark downs, minimizing finance and tax expenditures, trouble measures, retaining budgets rolling, and utilizing a regular money stream model.  It is helping readers realize how expenses are incurred, which bills are strong, which we must always have extra of and that are a little less fascinating and will be discouraged or maybe eliminated.

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Additional info for Cut Costs Not Corners: A Practical Guide to Staying Competitive and Improving Profits

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5 How do your capital costs per pound or dollar of sales and profit stack up against an earlier period and those of your competitors? ) 52 3 Kill Bill II: make working capital work „„ Understanding working capital; „„ Cutting stock and inventory levels; „„ Getting customers to pay up; „„ Collaborating with suppliers; „„ Recognizing cost drift warning signs. Every bit as important as the money tied up in fixed assets is the shorter-term cash revolving around the business in working capital. This is much more difficult to control than fixed assets as actions such as buying a new computer or a piece of machinery tend to be infrequent and considered decisions.

For example, miles per gallon is a measure of the efficiency of a motor vehicle. If that ratio is 40 mpg in one period and 30 mpg in another, it would be a cause for concern and investigation as to what had caused the drop in performance. A comparable business example could involve, say, looking at the cost of buying in materials and of manufacturing labour. Just knowing that those costs had doubled from, say, 100,000 to 200,000 from one period to another is of little value until you relate it to the level of business activity.

Uk> Grow your business>Growth through strategic outsourcing> Outsourcing). Kill Bill I: reduce capital expenditure 45 Sunk costs For a start-up venture or in cases where a new business or division is being created more or less from scratch, the cost savings from outsourcing are relatively easy to calculate. Subtract the cash costs of buying in from the cash cost of doing it yourself and if the number is positive, then you have a potentially viable strategy for reducing costs. You still need to check out the pros and cons above, but on the face of it, outsourcing could work.

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