One of the many challenges in businesses today is managing costs. Though cutting cost is the simplest way to improve the bottom line, it needs to be carefully managed. Reducing certain costs may be advantageous, but indiscriminate cost cutting can lead to poor performance quality and morale.
Systematic cost management & control will ensure competitiveness in the long run. Our approach is systematic and structured. We invest time in understanding all your business costs, and overlay the same with our experience on economics at different companies, and provide you with a dynamic structure to control, reduce and eliminate costs. How we do:
- Analysis of process and business objectives.
- Establish 'standard costs' for each category or process.
- Establish realistic 'budgeted costs', based on actual past experience.
- Evaluation of opportunity for cost savings, elimination of unnecessary & excessive costs and in improving efficiency.
- Comparison of actual costs with the standard & budgeted costs and its variance analysis.
- Periodically review entire cost structure.
A CFO plays an important role in assisting companies in maximizing business profits. Since Profit is a function of Revenues and Costs, one has to look for opportunities at increasing revenues and reducing / controlling costs in order to maximize profits. All our CFO's have multiple years of experience in identifying even the smallest opportunity for saving costs, and maximizing revenues. Some of the techniques we adopt are:
- Detailed Financial & Trend Analysis.
- Implementation of Systems & Controls.
- Better Pricing and Procurement Strategy.
- Contract Negotiations.
- Efficient Transaction Structuring.
- Fine tuning of the business model to improve efficiency & productivity.