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INCREASED BOTTOM LINE (Expenses (Operations cost to be reduced (materials…
INCREASED BOTTOM LINE
Expenses
Control overhead cost
Leasing
Insurance
Control fixed cost
Salaries
Rent
Control Administrative and Office expenses
Operations cost to be reduced
materials used should be economical
Vendor tie ups done should be econommical
Check for conflict of interests among staff and vendors
Customer
Choosing correct prising methodology
Differential prising
Price leadership
Value proposition
Targeting the right customers
Right age group
Right income group
Target the right set of people for focused selling
Taking into consideration the cultural and global influence on consumer behaviors.
Finance
Strengthen collections
To have minimum laps in a/c's receivables
Followups for receivables
Legal contracts in place
To avoid bad debts
Penalise defaulters
Incentivise online and early payments.
Increase cash flow
Reduce the payment receiving cycle
Avoid giving unjustified discounts
Have approval systems in place for discount
Have strong finance team in place
Avoid giving discounts
Maintain a database of client who are bad debtors
Have strong legal team in place
Have a strong collections team in place
Evaluate the payment terms for such clients
Employees
Train employees
Imbibe technical knowledge
Boost employee morale
Improve employee skills
Employee retention
Reduce turnover
Strengthen employer brand
pay for performance
Internal promotions and bonus
Employee Healthcare
Improve wellbeing
Reduce absentism
Reduce cost on Mediclaims
Reduce low productivity
Marketing
Investment in Marketing
Cost needs to be controlled
Optimise the use of resources
ROI from marketing
Expense for marketing activities to be budgeted
Budget controls to be in place
Online marketing
marketing Analytics in place
Use data for further innovations
Target relevant target customers
Sales
Cross Sell
Selling a gamut of product
Expense for sales gets reduced
Less manpower
Good ROI
New clients through references
Online sales
To target larger base of clients
Less expensive mode of sales
Better tracking of results
Post sales Service
Feedback from clients
Feedback can be used for product improvement
Client services to resolve queries
System and Process
Have process in place
For standardization of processes
For better controls
To map manpower
Audit processes
To highlight income leakage
To identify lapses in process
To strengthen finance process
Robust systems in place
Automation of Systems
Control errors in the sysytem
Continuous refinement of systems
ROI
Monitor ROI for all expenses
Approval Matrix in place