FINANCIAL SERVICES! COST MANAGEMENT!!

1...Cost reduction Is simply a process initiated by companies to reduce their costs while maximization of profits kicks in. Every decision MUST affect costs
2...HOW can Operating costs be REDUCED?

....Reduce operating costs by embracing technology
.....outsoucing
....Lower operating costs by shopping around (networking)
.....telecommute to cut down on costs
....pay ur bills on time
....identify inefficient persons, channels, ideas.Cancel unused services and retrieve your balance
......Go GREEN to reduce operating costs.
3......Cost control is means of identifying and reducing business expenses to increase profits and it starts with budgeting.
4.......HOW TO REDUCE EXPENSES??
...Reduce or remove/control phone bills
.....Reduce or remove consumable habits
How can we stop OVERSPENDING money??
......Track your spendings
.......Stick to cash and not credit
......Give every NAIRA that you spend a JOB.
......Budget strictly n keep to it
6......How do I stop spending money??
.....START SAVING after sleeping it OVER
.......Leave debit/credit cards at home
.......Avoid temptations on SPENDING
......FOCUS on savings, savings,  savings
7.....Identify unnecessary costs n STOP
...Focus on efficiency and productivity by removing TIME spent on manual works that machine could easily complete timely n better
......Renegotiate with suppliers----finding alternative to high prices/resources
......Priortise bulk buying because small, frequent orders costs MORE than big orders
.....Consider sharing office space
Access profit n loss statements for a specific amount over last 6months by ranking all expenses from highest to lowest and pin out areas of leakage. ....

One of d GREATEST ways to reduce costs is by increasing sales at designated times.

Be careful of staff employed. Don't keep staff based on SENTIMENTS bc d will cause u MORE harm. Look for staff that have same vision n passion with u.

Avoid family members.. D drive your cost of production and maintained High.

Keep good banking relations .

Pay back debts owed n where u can't explain to d person.. it builds INTEGRITY and OPENS ways of credit biz for you  especially in critical times

Networking is KEY

Look for loopholes, Research .Be innovative, creative

Exploit market outside ur comfort zone

Cut down on many aspects of your business that drain your resources and concentrate on the SPECIFIC few that your have immense strength because your will go further. STOP TRYING to PROVE yourself bc ALL that matters is d NAIRA/KOBO .Trust GOD with ALL your mind, soul n body. If u can think it then it's POSSIBLE.

Find a MENTOR even me I have a mentor who I follow his blueprint to Success... Its CHEAPER bc as a cost cutting measure you WONT make ALL mistakes but bypass mistakes already made. You will ALWAYS be ahead.

God bless u again and again
But business plan, proposal, or even feasibility study need to be well structured, diagnosed to have a good streamline design and layout with a "less can be more", provide a framework for identifying, analysing and resolving business issues while maximizing profit growth.

To succeed in business, to reach the top, an individual must know all it is possible to know about business plan.
A big part of business plan is having your heart and mind free from worry about the what-ifs of business failure.                   

FINALLY,Seperate business finance from personal finance.
Talk to us to build you a great plan, proposal, etc @huge discount rate.

As you know your satisfaction with us is our top priority.

Futurebravzin: