COST CUTTING STRATEGIES

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COST CUTTING STRATEGIES by Mind Map: COST CUTTING STRATEGIES

1. PLANNING

1.1. Identify Inefficiencies

1.2. Identify Factors Responsible for Cost Overrun

1.3. Find Solutions for Cost Cutting

1.4. Organize a Team Work

2. BENEFITS

2.1. Better Growth or Development

2.2. Increase in Market Share in Industry

2.3. High Profit or Return

3. FINDINGS

3.1. Barriers

3.1.1. High Employment Ratio

3.1.2. Transportation Cost

3.1.3. High Expenses

3.1.4. Purchase without R&D

3.1.5. Storage Cost

3.1.6. Building Rent

3.2. Recommendations

3.2.1. Employees Redundant

3.2.2. Quality Equipment Purchase

3.2.3. Seasonal Employment

3.2.4. High Sales Turnover

3.2.5. Production Place Near Godown

3.2.6. Hiring of Skilled Labors

4. IMPLEMENTATIONS

4.1. Lower the Production Cost

4.2. Embrace Technology

4.3. Cancel Unused Services

4.4. Implement all Recommendations