Cost Reduction Strategies- for Improving Profits - Princeton Academy

Cost Reduction Strategies- for Improving Profits

Methodologies, Strategies and Steps to Reduce Costs and Enhance PROFIT directly

A practical approach in Indian Context

Rationale

Cash is like oxygen to a company. This is saying the obvious. Not so obvious is the following. Keeping operating expenses at reasonable levels has assumed greater importance in recent years, and conserving cash is no less important than making more sales. Every business, even the most successful, faces cash traps at various times in the course of operation. Some develop preventive and precautionary measures to minimize their occurrence or effect. Too many businesses scramble to put out one cash trap fire after another.

Has this workshop worked for others? It has. This is a function where every little counts. Costs Reduction and Control adds to Net Profit.

Key Focus Areas

Increasing sales makes it necessary for a company to find money in order to provide precious working capital, while cost reduction costs virtually nothing. A rupee saved is a rupee added to the company’s bottom line. The sorry story about the cost reduction programme is, most businesses think in terms of reducing workforce as a first point. But research says that there are other operating areas that should be attended first.

A company need to rank the operations and the priorities in which this cost reduction programme is to be approached. Costs Reduction Strategies programme will give necessary tools for ranking the activities, setting priorities in the manner the COST REDUCTION STRATEGIES program is to be carried out for utmost results. It will do more, tell you the steps you need to take during liquidity crisis and re-engineering. The first point to remember about the concept of costs reduction is that it can be used interchangeably with the term “profit improvement.

If profit improvement is the glass of water half full, then costs reduction is the glass of water half empty. Ideally all staffs from various departments should take Costs Reduction Programme, not only as an opportunity, but, a challenge to contribute directly to the profit of the company. The next best thing is to form a Costs Reduction Committee and approach a costs reduction programme.

Result Areas

This workshop is about preventive and precautionary measures, as well as on-the-spot remedies you can use to protect your cash-flow, save lacks of rupees of your operating expenses, keep yourself liquid more of the time, and thus improve overall operations. Also understand the various tried out strategies available which may serve well in your organization too. Regardless of the current position in the business cycle, costs reduction should be one of the first resources of management when attempting to improve or stabilize profit. Top executives should not wait until a stressful economic period to realize the reducing costs can immediately and effectively improve companys bottom line performance. Delaying costs reduction can be suicidal. This workshop therefore aims:

3.1 For Organisation : Cost Reduction is every bodies job – Keep costs down and get marketing edge on pricing, without sacrificing quality. – How to organize a Planned System for Costs Control. -Â Tried and tested approaches to collection problems. -Lay down strategy for Cash Crunch.

3.2 For Participants: To vision and conceptualise and then implement. To improve the process of management, assurance of financial propriety, need to establish systems so that management decisions are taken on the basis of proper information and ensure adherence to the same. BPR, Risk assessment, cost control/reduction, profitability improvement and bench marking of the best practices. -Â To empower participants in their task of COSTS REDUCTION.

– To understand various costs reduction strategies that may come handy.

– Understand Strategic Costs.

– Empower managers / staffs in their task of costs reductions.

– Enable them to become aware of the total economic, psychological and strategic factors involved.

– Encourage proactive methods share a tested organisation strategy.

– Contribute directly to the company profit, no matter which department you work.

-Inform, enthuse, and inspire.

Participants Profile

All department heads and their subordinates. Also, a new dimension for your  Internal Audit Department  to run it as Profit Centre.

Programme Content:

Facts of Costs Reduction Program –

What is Strategic Costs Control – A CASE STUDIES – in detail –

Work Sampling –

Ranking priorities -Â

Setting Target –

Concentration Areas

– Float –

Costs Reduction

20 Expenses and tried practices 

Cash Traps in Contracts –

Re-structuring and cost control –

Dealing with Over due debtors  case study –

Customer care and Cost control

Are you suffering from Active inertia

Introduction to : Supply Chain and Cost control Liquidity Crisis  case study

Workshop Methodology

Participative and interactive. Presentation, Case study, Success stories, Problem discussions and Course material.

Faculty:

 

 

Timings: 9:30 am – 5:30 pm , Registration begins at 9:00 am

how to register

Fees: Rs. 8,900/- +18% GST per person
Please write to register@princetonacademy.co.in / Call -022 66976892
Mention the name of participant, company, contact details .
Cheque favouring Princeton Academy Mumbai II Pvt. Ltd. payable at Mumbai.
Fees includes lunch, tea, course material etc.