What is cost saving What are the words used to save company costs

Cost savings are a culture.

And "culture" contains many factors. I have worked at HSBC for the past 30 years, in Hong Kong, in Canada, and in mainland China, and during the financial crisis, HSBC was probably one of the few banks that had not yet become a "state-owned bank". Why?

There's a culture in there. When I was younger, I asked our chairman: What do you think a bank should be?

He said it was simple, "to be a reliable bank". In the past 30 years, there have been many economic cycles, and it is not unrelated to the fact that HSBC has been able to survive safely every time.

A reliable bank must not only have a culture of thrift, affinity, and sound operation, but also a culture of intermediary. We expect to have a relationship with our customers, not to do business, but to stand next to them. Now is the perfect time to create this relationship, and now is to work with our customers to get through this together.

Therefore, I believe that today's financial crisis has brought us an opportunity to think bigger and stronger, it is better to do it deeply and thoroughly, and to be able to change the relationship between customers from face-to-face business to a relationship where everyone stands together in one direction.

In accounting, strategic management, the explanation of this cost saving is different, depending on the level at which you consider the problem.

It is to pursue the maximization of benefits and the minimization of expenditure.

Save the company's costs with the word "open and prudent" socks and reduce expenditure. Open Source Throttling [ kāi yuán jié liú ] Source: Xunzi Fuguo

Therefore, the Lord of the Ming Dynasty will carefully nurture its harmony, reduce its flow, open its source, and consider it from time to time. ”

Translation: Therefore, a wise monarch must be careful to maintain harmony and stability in this area, to save unnecessary expenditures, to exploit other sources of finance as much as possible, and to consider from time to time adjusting the balance of revenues and expenditures.

Antonyms

大手大脚 [ dà shǒu dà jiǎo ] Interpretation: Describe the flowery state of filial piety, burning money, extravagance, and using things without moderation.

Source: Qing Cao Xueqin, "Dream of Red Mansions".

The adult family is lavish, and he doesn't know how many things he has paid for his wife behind his back......”

Example: Wang Gang.

His family is very poor, but he always spends money lavishly.

Strictly search and destroy, careful budgeting, thrift, hard work, open source and throttle, reduce costs and increase efficiency, save and increase efficiency, thrift, thrift, hard work and simplicity, save food and frugality, a million profits, twice the result with half the effort, seize the opportunity, diet and clothing, dieting and shrinking clothes, be cautious and thrifty, be cautious and thrifty, be cautious and thrifty, and use the wide stove to leak and narrow the use, and use the narrow and narrow use, cherish the word such as gold, vigorously and resolutely, kill two birds with one stone, and prepare for the arrow and double eagle, the court has nothing to do, double the way, and the five elements go together.

Cost savings include reducing the direct cost of materials, adjusting product features, cutting excess materials, reducing energy consumption, and reducing unnecessary waste.

1. Reduce the direct cost of materials.

You can reduce costs by looking for more competitive material suppliers. If you can't find a cheaper supplier, you may be able to negotiate a longer contract to get a lower unit price. If your business has significantly increased the annual turnover or revenue of the merchant, sometimes volume discounts will be offered, and some may also offer discounts if you pay in time, or in cash.

2. Adjust product functions.

Without compromising on quality, you can also consider using less or cheaper base materials for your products. Streamline your product and strip away any features that don't directly contribute to the appeal of your target market.

3. Cut excess materials.

Ancillary materials, such as documentation and packaging, can also be reduced. Excess packaging is not only wasteful, but often damaging to the environment, and increases the overall weight of the item and therefore the cost of transportation. Try converting your Wenwei sales process to a paperless application, reducing the consumption of printers, ink, and copying facilities, as well as the paper itself.

From this aspect, there can also be great cost savings.

4. Reduce energy consumption.

Review your operating machines and general machine workflows to see if there are times when you can reduce your energy consumption. Minimize unnecessary energy demand, such as air conditioners and any other electrical equipment, as much as possible, and turn them off promptly when not in use. If possible, install an automated control system to optimize energy use.

5. Reduce unnecessary waste.

If you produce more products than the market needs, then the cost of storing those products will increase. If the market is already saturated, you may have to lower it to come. Strengthen your quality control so you can reduce rejects, scraps, and waste time on redos.