Summary:

Listed are ten strategies for reducing business costs. Among them are bartering with other companies, networking to increase options, renting equipment vs. buying, and continuously searching for new suppliers. Following these easy strategies can create cost-savings that could amount to a significant number.

Article Quote:

“If you have a business that should be bartering goods and services with other companies. You should try to trade for something before you buy. Barter deals usually require little or no money. Plan Ahead and make a list of business supplies or equipment needed for the future. Keep an eye on the shops that have a big tuover. Purchase goods if they are on sale before you need it.”

Link: http://technologyofmanagement.blogspot.com/2009/11/10-effective-ways-to-reduce-business.html

One tip that could have made the top of this author’s list is having the right technology in place. The author doesn’t suggest implementing strategic planning technology as a means of reducing costs, however everyone knows that when time is saved, money and resources are also saved.

That said, these strategies are easy to follow and could contribute to reducing costs. One of the tips suggested is negotiating. Interestingly, when we think about negotiating, we usually vision more expensive items, such as the purchase of a new home or a new car. In our society, we rarely think about negotiating prices on less expensive purchases, such as appliances or furniture. However, many retailers are empowered to negotiate if the customer asks.

For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/

Summary:

A few short years ago BPM was primarily focused on addressing the budgeting and planning needs of the finance department. Today, business performance management has become much more than that. Craig Schiff, President and CEO of BPM Partners writes that BPM is has become the primary front-office strategic decision-making tool. By utilizing business intelligence (BI) tools, BPM converts data from transactional systems into meaningful and actionable information for management decision making.

Financial reporting, particularly management reporting, along with profitability analysis and optimization, has also grown in importance in BPM.

Article Quote:

“Many companies have come to the realization that you really can’t fully understand the business by just looking at the consolidated numbers at the top. You need to examine what is going on, on a daily basis, at the operational level.”

Link: http://www.b-eye-network.com/view/12282

Business performance management will continue to grow and change with business needs. Comprehensive business performance management has become a mission-critical initiative for many companies, while for others, it remains a back-burner item.

Performance technology is yet another tool in the business performance management arsenal. Performance technology software allows users instant access to vital information regarding their strategic plan and day-to-day performance objectives. By regularly monitoring results, management can course correct when necessary while watching for opportunities to present themselves.

For more on business performance management, see http://www.performancesolutionstech.com/category/strategicplanning/