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Innovative Cost Savings Strategies

Innovative Cost Savings Strategies

Why Attend

Cost cutting is an alarming subject for employees as these two words make them think that they will be personally targeted. However, cost reduction is not only about laying off employees. In this course, we will explore all the different strategies for the organization to reduce its costs starting with increasing productivity, then cutting costs everywhere in the organization. In addition, this course will cover the time value of money and the difference between cash and income as these two topics are important for managers and employees who do not have an accounting background.

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Overview
Course Methodology

The course is mainly based on sharing real examples of what an organization can do to save costs. In addition, this interactive course will include presentations by the consultant as well as individual and group exercises and workshops.

Course Objectives

By the end of the course, participants will be able to:

  • Identify how costs affect both cash and accrual basis income
  • Analyze HR costs and find ways to decrease them before firing employees
  • Research and advise on cost cutting in different departments
  • Suggest and implement industry related cost saving strategies and techniques
  • Find new ways of doing business that can save hidden costs
Target Audience

Financial managers or directors, accountants, financial assistants, budget accountants, analysts, budget and planning managers and coordinators, operations managers, HR managers, facilities managers and professionals interested in cost savings.

Target Competencies
  • Analyzing costs
  • Assessing value adding costs
  • Decreasing costs
  • Cutting costs
  • Advising to buy or lease
  • Evaluating performance
Note

This course is worth (25) NASBA CPEs

Course Outline
  • Importance of saving costs and improving productivity
    • Advantages
    • Disadvantages
    • Costs effect on cash and accrual basis income
  • Analyzing HR costs
    • Work force size
    • Employee benefits
    • Insurance
    • Retirement and pension
    • Exchange benefits for money
    • Trainings
      • Trainings for new hires
      • Trainings for all employees
    • Employee relations
      • Acquiring employees
      • Retaining employees
      • Eliminating bad employees
    • Productivity and employees
    • Travel and entertainment
    • Alternatives to decreasing employees
  • Department costs
    • Production
    • Sales
    • Advertising and marketing
    • Shipping
    • Accounting
    • Purchasing
    • IT
    • Customer service
  • Industry related costs
    • Home office
    • Manufacturing
    • Food service
    • Retail
    • Healthcare
    • Education
  • Hidden costs
    • Rent and building
    • Maintenance
    • Lease or buy
    • Utilities
    • Office supplies and equipment
    • Litigation
    • Outsourcing
    • Theft
Schedule & Fees
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