登录查看更多内容

What do you do if your cost control is being hindered?

由人工智能和领英社区提供技术支持

When you're steering the ship of your company's finances, encountering a storm that hinders cost control can be both challenging and stressful. Effective budgeting and forecasting are critical to navigating through such tumultuous financial waters. Whether you're facing unexpected expenses, revenue shortfalls, or internal inefficiencies, there are strategies you can deploy to regain control over your costs and ensure your financial plan remains on course.

此文章中的业界达人

由社区从 7 条内容中精选。了解更多

Mahmoud Sarraj, CMA

Group Financial Planning & Analysis
Alfiya Nazar

Growing with Finance
Michelle Kovalski

FP&A| Modelagem Financeira |Controladoria| | Budget| Custos| Tesouraria | Entusiasta de IA| CNV| Entusiasta em…

1 Identify Issues

Pinpointing the root causes of budget overruns is crucial. You need to conduct a thorough analysis of your spending patterns and compare them with your budgeted figures. Look for recurring expenses that have exceeded their expected limits, one-off events that have caused significant outlays, or areas where the budget may have been unrealistic from the start. Understanding these discrepancies will provide a solid foundation for making informed decisions to improve cost control.

添加您的观点

Alfiya Nazar

Growing with Finance
举报内容
If cost control is being hindered, it's important to identify the root cause. Start by assessing where the inefficiencies lie, whether it's in budgeting, spending patterns, resource allocation, or other areas. Once you pinpoint the issue, develop strategies to address it, such as implementing tighter budget controls, renegotiating contracts, optimizing processes, or investing in cost-saving technologies. Regular monitoring and adjustment are crucial to maintaining effective cost control.

已翻译

赞
Mahmoud Sarraj, CMA

Group Financial Planning & Analysis
举报内容
Identifying the causes of the significant and recurring overspend issues will help in applying the proper solution to each cost control dilemma.

已翻译

赞

2 Revise Budget

Once you've identified the issues, it's time to revisit your budget. Assess whether your original financial projections were off the mark or if circumstances have changed. Adjust your budget to reflect current realities, but also ensure that these changes are sustainable over the long term. It's not just about slashing costs; it's about finding a balance that allows your business to operate effectively while still achieving financial targets.

添加您的观点

Mahmoud Sarraj, CMA

Group Financial Planning & Analysis
举报内容
A periodic review of the budget will be needed to overcome any major discrepancies that might happen due to changes in circumstances or due to the reasons identified in the first step that caused significant variances or overspends. The recurrence of this review can be semi-annual, quarterly, or monthly, and it should include the remedy actions for the cost control overrun issues and ensuring the long-term solution for such issues that might happen in the future.

已翻译

赞

3 Streamline Processes

Inefficiency can be a silent budget killer. Scrutinize your business processes and identify any that are unnecessarily complex or outdated. Streamlining these processes can reduce costs and improve productivity. Consider implementing technology solutions that automate repetitive tasks or improve communication and workflow. The goal is to do more with less, without compromising on quality or service.

添加您的观点

André Ribeiro

Controle de Custos | Or?amento | Finan?as | Planejamento | Excel Avan?ado | Power Query | Power BI
举报内容
Processos, Acredito que se algo causou desvio no controle de custos povavelmente deve esta ligado aos processos, ou ao or?amento que n?o contemplou o desembolso necessário. Neste caso a revis?o do processo deve ser feita de imediato evitando recorrencia, a automatiza??o destes ja elimina grande parte dos erros no que tange a erro humano.

已翻译

赞

4 Negotiate Terms

Your relationships with suppliers and vendors play a significant role in cost management. If costs are spiraling, it might be time to renegotiate terms. Approach your suppliers to discuss more favorable payment terms, bulk discounts, or alternatives that offer better value for money. Strong negotiation can lead to significant savings and help keep your cost control efforts on track.

添加您的观点

5 Monitor Regularly

Effective cost control requires continuous monitoring. Implement a system where you regularly review financial reports and compare actual expenses against your budget. This will enable you to catch any variances early and adjust your spending accordingly. Regular monitoring also helps in forecasting future expenses more accurately and prepares you for potential financial hiccups before they become major issues.

添加您的观点

Michelle Kovalski

FP&A| Modelagem Financeira |Controladoria| | Budget| Custos| Tesouraria | Entusiasta de IA| CNV| Entusiasta em disseminar o conhecimento | Eterna estudante
举报内容
A revis?o constante em relatórios financeiros e a compara??o de despesas reais com as previstas no or?amento s?o práticas que permitem a identifica??o precoce de desvios, facilitando ajustes oportunos nos gastos. Atividade básica para qualquer profissional de FP&A.

已翻译

赞
Sebastian Mari

Project Cost Controller at Yokogawa
举报内容
The most important control to adhere to is Time. A few minutes or hours could substantially influence your cost. I believe that every Cost if budgeted should be controlled closely. A project is only as good as the Controls.

已翻译

赞

6 Empower Teams

Lastly, remember that cost control is a team effort. Empower your employees by involving them in the budgeting process and making them aware of cost control objectives. Encourage a culture of cost-consciousness where everyone is mindful of how their actions affect the company's finances. When your team understands the importance of cost control, they're more likely to take ownership and contribute to the company's financial health.

添加您的观点

Michelle Kovalski

FP&A| Modelagem Financeira |Controladoria| | Budget| Custos| Tesouraria | Entusiasta de IA| CNV| Entusiasta em disseminar o conhecimento | Eterna estudante
举报内容
Ao integrar os funcionários no planejamento or?amentário e deixar claro premissas/objetivos de controle de custos, cria-se uma cultura de responsabilidade financeira compartilhada. Aumentando a conscientiza??o dos impactos de a??es individuais nas finan?as da empresa, e motivando a equipe a participar ativamente na manuten??o da saúde financeira da empresa.

已翻译

赞

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

添加您的观点

Budgeting & Forecasting

+ 关注

给文章评分

我们借助人工智能创建了此文章。您认为这篇文章怎么样？

很棒不太好

举报此文章

查看全部

What do you do if your cost control is being hindered?

1

2

3

4

5

6

7

1 Identify Issues

2 Revise Budget

3 Streamline Processes

4 Negotiate Terms

5 Monitor Regularly

6 Empower Teams

7 Here’s what else to consider

Budgeting & Forecasting

给文章评分

感谢您的反馈

更多Budgeting & Forecasting相关文章

更多相关阅读内容

What do you do if your cost control is being hindered?

1

2

3

4

5

6

7

1 Identify Issues

2 Revise Budget

3 Streamline Processes

4 Negotiate Terms

5 Monitor Regularly

6 Empower Teams

7 Here’s what else to consider

Budgeting & Forecasting

给文章评分

感谢您的反馈

查看其他技能