Achieving Cost Control Success: Tips & Strategies
Business costs fluctuate and hopefully adjust in response to marketplace dynamics. As economic factors shift nationally, organizations are seeking out cost improvement strategies.
Cost control is one means of assuring required functions while maintaining a competitive edge well into the future.
Tips & Strategies for Achieving Cost Control Success
Learn from a Survey of C-Suite Senior Members
You are not alone in taking steps that result in cost control success. A survey of over 200 senior executives of Fortune 1000 companies revealed that about 60% were targeting cost reductions of 10% or more. One third were looking to achieve cost controls in the 20% or more range.
This report suggests that strategic approaches are those most likely to achieve success. Which cost control strategies will lead to your organization’s success in this realm?
Proceed with a Positive, Collaborative Approach
Your finance team will guide you with sound cost action options by collaborating across departments. Together you can determine:
- The non-negotiable, must-have resources that are foundational to business success.
- Functions that must be conducted internally.
- IT can provide information about streamlining systems for greater efficiency and savings.
- Review of vendors and suppliers.
- Functions to potentially outsource.
- Consider if there are staffing requirements that can be contracted to reduce costs and increase quality outcomes.
- Many companies are turning to accounting consulting services.
Call on Cost Control Experts
There are times when expert advice is worth far more than the dollars expended. One example is saving on fines for regulatory non-compliance by having experts review your processes.
The same approach applies to having consultants provide you with objective cost control actions related to:
- Engaging cost accountants and financial analysts can help you develop effective cost control strategies.
- Organizational structure—some reviews may reveal overstaffing in one area, while lacking expertise in another.
- Hiring practices—better rates of pay and benefits may lead to having quality personnel, reducing turnover, and yielding long-term savings.
- Systems and procedures—data and business analyst specialists provide guidance related to big data, product streams, and procedural efficiency, ultimately saving time. And, as you know, time is money.
Final Thoughts on How to Develop a Solid Cost Control Strategy
DLC can provide you with long-term, dedicated accounting consultants. Our focused service offerings means you pay for results, not overhead.
DLC’s highly credentialed accounting consultants have a very specific credential set including Big- 4 CPAs and/or top 25 MBAs all of whom have significant industry experience. Over the course of their careers, our accounting consultants have tackled complex assignments from venture backed start-ups to Fortune 1000, in a wide range of industries.
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DLC is a professional services firm helping companies drive transformation and growth, one project at a time. Our team provides flexible, efficient, on-demand execution of your financial projects.
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