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How to Cut Costs (Identification of Redundant Costs)
Redundancy in business is a huge issue. Losing money because you're overstaffed or paying for the same service twice is unacceptable. But it happens all the time. Learn how to spot these costs before they start draining you and find ways to cut them out altogether!
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While businesses fixate on crafting new offerings for new markets or generating sales, they overlook that while bringing in more revenue is crucial to generating profit, cutting costs can be just as high.
By cutting redundant costs by just a tiny amount, a business could double its profits without needing a single new customer or making a single extra product. It won't need to hire more people, enter new markets, or get a unique premise - just by focusing on being more effective with what it already has.
Learn to categorise various types of costs for better control of cash flow and use of funds.
Learn to maximise payroll and evaluate the effectiveness of human capital. Understand the evaluation funnel to restructure the company.
Learn to apply the Cash Conversion Cycle (CCC) concept to identify and mitigate gaps in your company’s cost-cutting exercise.
Understand the differences of various costs
Know how to categorise expenses and manage cash flow
Learn to evaluate human capital
Apply the Cash Conversion Cycle (CCC) concept
Meet the Instructor
Jeslin Bay is the Managing Partner of BlackStorm Consulting. As a business scaler, she has expertise in business partnerships, human resources, market entry, and business structuring in Southeast Asia. She also co-founded a fashion brand, SHINE APART, specialising in loud outerwear, stylish and yet professional pieces.
Being trained in operations and organisation management, Jeslin also conducts deep analytical dives into target subject matter, both internally and externally. Her responsibilities also include formulating frameworks and business tools to provide objective and innovative solutions to the clientele and business development.
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