2 days workshop
Course Overview
A success of every business or project will largely depend on how costs are managed and controlled. A yearly cost increased in running a business is inevitable. Without the capability to consistently control the rising cost, a business’ market share is lost and cash flow would be constricted. To survive in a competitive global marketplace therefore, requires managers’ commitment to cost control and creation of cost conscious culture. This course looks beyond merely cost control but aimed to heighten awareness in cost, increase efficiency and other strategic cost management approaches even as far as cost reduction exercise.
This program is designed for current challenging environments whereby managing cost, finance, budget and is crucial for company sustainability, growth, profitability & liquidity. This course will help to provide you with an environment that stimulates proactive behaviour in order to achieve greater goals for yourselves and your organization.
BENEFITS OF ATTENDING
Devise Ways To Achieve Your Budget Targets Under Current Economic Environment
Learnt From Successful Budgeting Using Beyond Budgeting Approach
Learnt Strategic Cost Management And Decision Making In Coping With Rising Costs
Built In KPI Values For All Key Strategic Organization Divisions
Formulating The Cost Reduction Strategies For Your Organization Costs
Strategies On Turnaround The Company
Strategies To Improve Debt Collection & Cash Flow
Methodology
Case Study, video & Group Discussion. Real-current problematic business cases will be analysed and scenario solutions will be discussed within the workshop.
Who Should Attend
Business owners, CFO, Accountants, accounting managers, cost accountants, tax manager, cost analysts, budget analysts, systems analysts, auditors and financial planners.
Special Feature: NOTE: Please bring laptop along
Course outline
Day 1
Module 1: Achieving Your Budget (case study)
Asset conversion
Collection
Cost reduction
Revenues
Purchasing policy
Module 2: Managing Budget
Existing business budget
Revenue
Cost of goods sold
Operation expenses
Monitor budget variance
Cash flow budget
Module 3: Budget Management
Key characteristics of effective internal budget processes
Ways to Overcome Budgeting & Forecasting Challenges
Budgeting and Forecasting Tips for CEOs
Module 4: Managing Constraints Resources (Case Study)
Shortage of scare resources
Calculate contribution per unit of scarce resource
Optimize Production Mix For Maximizing Profitability
Day 2:
Module 5: Strategic Cost Management and Decision Making
Outsourcing or Make-or-Buy Decision
Decision to Add or Drop a Product, Service, or Business Unit
Relevant Costs of Replacing Equipment
Pricing Decisions
Module 6: KPI Driven Culture
Senior management team
Credit management team
Sales & marketing Management team
Productivity management team
Logistic management team
HR & Administrative management team
ICT management team
Procurement management team
MODULE 7: Managing Costs
Managing Material Costs
Managing Labor Costs
Managing Overhead Costs
Cost Reduction Success Story
Areas of opportunity
Processes (eg, Planning & Forecasting, Cash Management)
Technology (eg, Integration IT operation & application, etc)
Operating model ( eg, Share services, Combination into one area, Centre of excellence,etc)GST
MODULE 8: Cost Reduction Framework
Decision Making
Cut costs
Leave it
Invest
Case Study (Improving Debt Collection & Cash Flow)
7Cs, (Character, Capacity, Capital, Collateral, Conditions, Cash Flow & Common sense)
Monitoring Customer Accounts (implementing 7Cs)
Case Study (Survival Strategy)
All aspects of:
Objective ( balance growth, profitability & liquidity)
Resources ( manpower & funding & infrastructure)
Strategy ( focus on cash, cost & revenue)
Risk ( trade off short term vs long term growth & profitability)
MODULE 9: Formulate Your Cost Reduction Challenge
High production cost ( how to trim it
High reject cost ( ways to reduce it)
Cash flow problem ( ways to stay healthy financially)
High AR- collection Problem ( ways to recover your debts)