From the course: Cost Reduction Tips - How To Cut Costs And Maximize Profits
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Top 10 action to take
From the course: Cost Reduction Tips - How To Cut Costs And Maximize Profits
Top 10 action to take
- So we've measured our costs. We've really understood what's happening in this system that is our organization. What are the top 10 actions we can take to cut our costs? So firstly, number one measurement before you do anything else, both cutting and investing. Know for sure why you're making the change, and know whether it has had the desired affect. Second, do a pareto analysis and focus on the big areas and not the biscuits. Third, engage employees in the process of cost reduction. Set up project teams and involve as many people as you can at all levels. Publicize the costs of everything, including time, so that everyone becomes more cost aware, and then everyone can suggest ideas for reducing waste. In other words, get people to care. Number four on my list of actions is make sure you have a strong HR department, who aren't afraid to confront problems, maybe even to have to get rid of the people who should be got rid of. Action number five, can you cut any operations out…
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