What Strategies Can Be Implemented to Reduce Operational Costs?
Several strategies can be employed to reduce operational costs:
Outsourcing: Outsource non-core activities such as accounting, HR, and IT support to specialized firms. Lean Management: Adopt lean management practices to eliminate waste and improve efficiency. Energy Efficiency: Invest in energy-efficient appliances and practices to reduce utility bills. Inventory Management: Implement just-in-time inventory management to reduce storage costs and minimize waste.