This 4-minute video discusses the importance of cost efficiency for improving profitability – and applies to both successful and underperforming organisations.
We look at (1) labour efficiency; (2) rationalisation of product range; (3) consolidation of suppliers and stock reduction; (4) management capability; (5) team productivity; (6) key processes and (7) outsourcing.
Underperforming companies need to urgently review and address their cost structure which is often not aligned to the sales levels in the business.
Expanding companies need to constantly pay attention to their cost efficiency to avoid unnecessary costs, unproductive activities and the build-up of resources in corners of business.
How do you improve the cost efficiency of your business?
Watch our video below where Cora Lynn Heimer Rathbone talks through some examples of how you can be more efficient to improve your profitability.
Cora Lynn Heimer Rathbone
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