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Cost Control

Cost Control Measures for Small Business remaining competitive implementing different strategies drawing a line between cost control and cost reduction.

With the ever-increasing cost of doing business, there is a need for any business that wants to remain competitive in the marketplace to embark on a cost control program and partner with an accountant to achieve your goals.

We have witnessed large companies implementing different cost control strategies lately. I think small businesses have to follow the suit as long as they buy from the same market as the multinational companies. Before I continue, it is important to draw a line between cost control and cost reduction. The two terms sound the same but they are different in meaning. While cost reduction involves cutting costs, cost control is more concerned about the processes than the expenditure item(s). Measures for Small Business include the strategies which when embarked upon can result in the reduction in the overall costs of the company not just in a short-term period but on a long-term basis. Although the ultimate goal for cost control is cost reduction, for any company to achieve this, it must have explicit cost containment goals built into every aspect of its activities. Otherwise, the costs will soon creep back to the level before the commencement of a cost containment exercise.

Good Cost Control Measures for Small Business should help an organization achieve its goals without undermining the core functional capabilities needed to keep business moving and ultimately, achieve above-market growth. For example, it will be wrong for a company to disengage its performing salesperson in a bid to reduce personnel costs. Of course, the company will be able to reduce its staff costs in the short run but the company may not be able to achieve its revenue target at the end of the year. Furthermore, the company may soon realize the need to recruit another salesperson. Before the company can get an experienced salesperson, it should be willing to pay an attractive salary. Even if the salary is not higher than what was paid to the previous salesperson, the company will incur recruitment costs. Therefore, cost control is more than cost-cutting. It has to be done strategically.

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