Five Tips to Keep Costs Under Control in Tight Times
As the external environment tightens, small businesses are feeling the pressure to be competitive more than ever. Businesses that reduce costs and operate efficiently enjoy increased margins and can boost revenue by passing some of these savings on to their consumers. A key task for high achieving leadership teams is to identify areas to reduce [&h ... Read More
November 21, 2017 inventory management, lean inventory management, production cost, supplier managementSetting Prices: Five Key Strategies
When you’re first starting out, it can be difficult to set prices for your products. Although pricing can be a difficult problem, it is also a crucial one to solve. One of the biggest factors that determines a business’ future revenue is its pricing strategy. Let’s take a look at the basics of five well-known […] ... Read More
August 5, 2017 business costs, pricing, product bundle, product bundling, production costAccurate Inventory Costing: Why It’s Critical for Success
For most stock-based businesses, inventory is likely to be the business’ biggest asset. Even if a business has some other, high value, assets such as factory plant, inventory is likely to be essential to the business’ ability to trade profitably. Because inventory is so critical to a business’ success, it is useful for business owners [&helli ... Read More
July 4, 2017 accurate costs, accurate inventory, inventory accounting, inventory cost, production costThe Benefits of the Just-In-Time Approach
In inventory management, the Just-In-Time or JIT system reduces wastage, improves efficiency and productivity, and contributes to smoother production flows. A shorter production cycle can decrease financial costs, inventory costs and labour costs. Below, we summarise the key features of the JIT approach. Smooth production flow One of the key featur ... Read More
June 29, 2017 accurate inventory, inventory methodology, JIT, just-in-time, just-in-time methodology, production cost, supplier relationship