Cost Management And Profit Improvement Strategies

As a business entity, we are constantly looking at managing our Cost in order to optimize our bottom line. Cost Management is not only the Financial Management function, but it involves every levels of employees as well as departments.

This “Cost Management and Profit Improvement Strategies” training will equip you with the tools for improving productivity and efficiency to enhance the profitability and cash flow of your organisation.

Learning Objectives:

• Identify key issues that is affecting their business / operations
• Make aware of Cost Management Techniques at all level of Management
• Understand the need for an effective Sales Strategy for the survival of the business
• Identify areas to improve the organisation Cash Flow
• Turn waste into profit
• Saving Cost through Strategic Purchasing Functions
• Know when operating costs is overrun
• Simplify and reduce the paperwork costs

Who Should Attend:

• Entrepreneurs
• Directors
• Business Managers / General Managers
• Financial Controllers / Accountants
• Departmental Managers and Supervisors
• Engineers
• Budget Holders who are responsible for their respective cost

Course Content:

• Module 1 : Cost Management Techniques
• What are the key business issues?
• Factors affecting the survival of a business
• When to conduct Cost Management Review
• Organizing an Effective Cost Reduction programme and its benefits
• Module 2 : Sales Cost Management And Improvement Strategies
• How Sales / Turnover affecting the bottom line of the organization?
• Factors affecting the Sales Trend
• Sales Planning and Scheduling
• Common issues affecting sales
• Building a sustainable business
• Module 3 : Inventory Cost Management And Improvement Strategies
• Categories of inventory
• Why inventory is so critical for the survival of a company?
• The importance of an effective Inventory Management System
• What are the waste elements in Inventory?
• Capturing Inventory costs
• Case Study
• Module 4 : Processing Cost Management And Improvement Strategies
• Meaning of processing and movement of Inventory
• Factors contributing to the processing costs
• Factors contributing to the movement costs
• How to detect abnormality in processing and movement of inventory?
• Module 5 : Purchasing Cost Management And Improvement Strategies
• What is purchasing major roles and responsibilities?
• An Effective Purchasing Policies
• Uncovering Profit opportunities in Purchasing functions
• Areas to look for in Purchasing Cost Management and Improvement
• Module 6 : Operating Expenses Cost Management And Improvement Strategies
• Why it is important to perform a Cost Review Programme for Operating Expenses?
• What are the major Operating Expenses?
• Categories of Expenses relating to Maintenance
• What is Productive time and Non-Productive time?
• Elimination of Plant Waste
• Module 7 : Paperwork Cost Management And Improvement Strategies
• What will a paperwork analysis and review programme do for you?
• Features in the techniques
• Typical Cost distribution
• Cost Review checklist
• Document Value Analysis
• Case Study
• Module 8 : Conclusion
• Formulate your Cost Management Problem
• High Production Cost
• High Reject Cost
• Cash Flow Issues
• Risk Mitigation
• Analysing potential risks
• Mitigating controls
• Weigh the financial impacts
• Cost – Benefit Decision analysis