Business Cost Control & Cost Savings

Business Cost Control & Cost Savings

Introduction

The global business continues to face uncertainties from the impact of trade wars to COVID-19 pandemic to geopolitical conflicts and the massive increase in financial sanctions across the world. This will undoubtedly affect many export and emerging companies as revenues may stagnate while costs of operations rise because of a shortage of materials and fuel costs. Businesses are constantly reviewing their cost structures and business prospects. Efforts are being intensified for cost savings and seeking new revenues. Managers and their executives will also need to help their employers look for opportunities to save costs if possible new revenues.

This program on business costing and savings activities empowers these employees so that they can help their organizations beyond daily work duties. Among the crucial aspects to be learned is identifying opportunities for cost improvement, and the actions that can be taken to capitalize on such opportunities.

Outcome

At the end of this program, participants will be able to:

- Understand the various concepts of business costing to everyday expense management, and cost saving activities
- Apply cost concepts to review company product and service costing
Evaluate ideas and suggestions of cost wastage control
- Demonstrate the validiaty of pricing, cost validity, and quantify potential costs, cost savings or wastage

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No	Topic	Topic Description
1	Organizations and their Costs	Overview of basic cost ideas in a commercial environment Types of costs in a business unit
2	Business Costing & Pricing	Business costing practices Common types of pricing practices ROI improvement
3	Costing & Pricing Risk Management	Cost–revenue relationships Business risk and risk pricing Managing business risk
4	Implementing Cost Saving Campaigns	The economics of cost savings - justifying the actions Where the cost-saving opportunities are - identifying them Starting cost control activities @ work - what to do next

Expert

Kenny Tay FCCA FCMA CA(M)

Kenny is a Chartered Accountant with many years of financial experience in the banking, finance, and corporate sector, including over twenty years of people development and financial skills training inside and outside Malaysia. His major work experiences included a long stint with the merchant bank affiliate of the Chase Manhattan Bank (now JP Morgan) before moving to the Royal Trust Co, Canada, and finally with the United Overseas Bank, Sydney operations. He was also a capital market licensed holder in the Australian and Malaysian securities markets before specialising in financial skills and human capital development. Currently, he designs and delivers training courses to banks and non-bank organisations across Asia and leads the training team at the Australia New Zealand Institute, NSW, where he is the CEO. His teaching and training experiences and skills have been used in training events for more than 20000 participants since 2000. He has also authored some publications among which are ‘Corporate and Business Lending’ for banking managers and ‘Financial Intelligence’ for general readers. Both books are available on Google Books.