Cutting Down Business Costs

Description

I already completed the assignment I would like to know if this is right. The rubric and the instructions are on the files as well as the memo.

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SUBJECT: Cutting Down Business Costs

The purpose of this paper is to inform all the supervisors and the employees in the company, the need to cut down business costs as much as possible. It is meant to remind them of the margins that will be accepted and those other margins that will not be accepted. The main aim of any business is to maximize profits which is quite impossible to achieve if the costs incurred in the business are still huge. Therefore, it would be in order if the company increases the amount of revenue it makes while at the same time it reduces the costs of goods incurred in selling these goods. This memo is meant to interpret the problem of higher costs in the business, identify the most appropriate approach for solving the problem and how this approach would facilitate the arrival of the solution towards high business costs.

The problem that our business has been struggling with is the aspect of the huge costs of running the company. The costs that have been identified to have increased and needs to be relooked include the following; rent, advertising costs, labour, material, power and the salaries of the employees.  The process of relooking into these costs is very necessary because if the entity fails to address this issue of huge costs in the items that I have identified above, there are higher chances that the business would fail to be a going concern in the foreseeable future. Therefore, it would be wise to research the market price of the above cost items because it will provide the foundation that would be necessary for solving the problem.

The following is the most appropriate approach to solving the huge business costs problem. First, it would be wise to review and compare these costs in the market versus the amount of the prices in which these items are currently being offered to the business. This would help in establishing the differences necessary for making informed decisions. For instance, if the market rates of labour are way low but the prices at which the company has decided to source is way too high then it would be for the company to go for the cheap labor. This would save the entity a lot of money which can now be pumped into the business for other investment activities.

Furthermore, after establishing the market rates of these costs, it would be wise for the company’s management to come up with an updated price list reflecting the market rates which the departmental heads of the company would be required to adhere to when sourcing. The other approach would be to hire qualified personnel who would be responsible for going through the various costs at which the business intends to incur in the process of doing business. This person will compare and verify that the costs that the business will commit will reflect the market rates and at the same time, the lowest for that matter.

If the above business approaches are adopted, then the business will minimize its costs to a bigger extent, thus maximizing its profits. The solution towards the huge business costs problems is always to compare the market rates at which the business incurs the costs of certain items to get the best price. The other solution is to hire an expert to look and verify that the costs are not exaggerated.

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