Cost Reducing Strategies and Techniques - eBook Edition
 
Your go-to guide for slashing unnecessary costs and maximizing profitability without compromising quality.
 
Table of content
 
Introduction
 
What Are Cost-Reducing Strategies And Techniques?
 
Tools, Techniques, And Strategies
- Low-Cost Country Outsourcing (Lccs)
- Request For Quotation (Rfq)
- Cost Breakdown Analysis
- Function Cost Analysis (Fca)
- Design For Manufacturability (Dfm)
- Design For Assembly (Dfa)
- Reverse Costing
- Cost Driver
- Activity-Based Costing (Abc)
- Design-To-Cost (Dtc)
- Establish Realistic Goals
- Evaluate Business Expenses
- Get Staff Buy-In
- Ask Employees
- Hire Remote Workers And Freelancers
- Outsource
- Cut Employee Costs
- Combine/Bundle Purchases
- Go Green
- Reassess Your Services And Products
- Evaluate New Products/Services Costs
- Combine Staff Events
- Replace Unproductive Staff
- Reduce Maverick Spending
- Integrate Systems
- Review Previous Cost-Cutting Strategies
- Evaluate Potential Process Improvements
- Transform Business Processes
- Ditch The Legacy Systems
- Leverage Low-Code Platforms
- Deploy Robotic Process Automation (Rpa)
- Invest In Technology Solutions
- Work With Business Transformation Specialists
- Improve Your Negotiation Skills
- Manage Fuel And Traveling Costs
- Cut Overhead Fees
- Spend To Save
- Substitution
- Adaptation
- Modification
- Elimination Or Reversal
- Change Rosters
- Cut Costs On Financial Accounts
- Modernize Your Marketing Efforts
- Use Efficient Time Strategies
- Narrow Your Focus
- Make The Most Of Your Space
- Maximize Your Employees’ Skills
- Exchange Services And Barter With Other Businesses
- Tie Employee Incentives To Results
- Hire Quickly And Retain The Best
- Negotiate Discounts On Operating Expenses
- Opt For Government Incentives And Tax Write-Offs
 
Cost-Reduction Mistakes To Avoid
- Making Blanket Cuts With Unrealistic Targets
- Failing To Sustain Behavior Change
- Slowing Down The Organization
- Choking Off Needed Innovation
- Missing The Boat On Digital
- Rushing Into Unfair Contracts With Providers
- Introducing Harmful Risks To The Organization
- Not Registering Operations
- Not Keeping Track Of Your Cash Flow
- Not Knowing Your Costs
- Not Pricing Your Products Properly
 
Conclusion