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Topic: production cost

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     

Setting 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     

Accurate 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     

The 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