Saving Money Is Reducing The Cost An Effective Way To Make More Profits?

[Good-Guy]

There are many kinds of businesses and there are many kinds of businessmen. However, I believe that a person who is an expert at reducing the cost and effectively manages his business at a low budget is the one who is a talented businessman. Most of the people in this great world do not realize that cost can have a great impact on the profits. If you manage the production cost of your goods, you can effectively make more profits as production cost is correlated to the profits. Now I am not at all saying that a businessman should be stingy or a businessman should compromise on the quality of products and services. What I am trying to say is that there are many ways to reduce cost without needing to decrease the quality of your products. So, what do you have to say?

 

[kayode10]

It is possible to make more profit by reducing the cost of operating provided the quality of your products or services will not be affected. To do this you just have to look at some of the things that are less important to the production and eliminate them from the accounting so you make more profit.

 

[Good luck]

People will always want to buy a cheap commodity to save cost.if one goods is cheaper,it will attract customers to patronize such seller but if the price is on the high side,it will discourage people from buying such products.it is good to make little profit from a product and sell quickly than trying to make big profit and the product remains there.

 

[Alexandoy]

I remember the cost cutting that we exercised in the office during a slight depression (when there was scarcity of US dollar that affected our economy). Our boss had listed ways to cut on cost like electricity, water, and other items. He emphasized that if we can cut the cost of electricity by $1 then that is like we had earned a profit of $1.

 

[Haibso2003]

Yeah it depends though. Reducing the prices in such a way that leave it up to the price of how you said he bought it then you will run at a loss. Using however a little amount will definitely draw more customers to you and it is your strategy for attracting customers especially market women.

 

[btaliat]

It is two way things. There are some people like me that always believe that price determines the quality of goods. In fact, I like shopping for expensive things because I believe they are of quality than that are of average price. In fact, apple don't even care about people' opinion before making its brand expensive

 

[Sotherefore]

A lot of people are not really interested in the price of a particular products but what they are interested is what the product is willing to offer on to them ,I think maintaining the quality of your products and increasing the price is actually the best. But this depends on the type of products you are dealing on that will determine

 

[TOZZIBLINKZ]

One of the similar goals of various business owners , business men and women , and commercial enterprises owners and managers is to be able to cut down cost or reduce cost but improve and heighten profit and income . It is understandable that to run , control , facilitating , and also to manage a business is not anyway easy it all depends on how talented and skillful that individual or business owner is . Cutting down costs to improve profits has been the goal of majority of business owners and managers and the best way to do this is to track down all business spendings and expenditures , and failure to be able to track down your business spendings and expenditure will show that you are less concerned about your business welfare and growth or development .

To avoid accumulating or incurring high business cost it is also important that we improve the level of technology our business users in the process or course of carrying out business activities and practices . We can do this by buying office and business implements , machine , and equipments to fasting and to make or aid the easy free flow of business activities from the employees or employers to the Consumers , clients , and customers .