Ways in which a company could achieve cost reduction

  • Budgetary control – when costs are estimated, monitored and evaluated via a budget it makes it easy to reduce costs.
  • Effective internal control system that checks wastage theft and other factors that increases costs
  • Sound labour – remuneration system that ensures that goods are purchased at the right place and sound items are acquired
  • Effective stock control system that ensures that stock items are secure, acquired at the right price and are always available to minimize stock related costs.
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