•Proposal for Artemis Sportswear Company for cutting operational expenses to increase profit margins; some ideas.
As a business, Artemis can cut down the operational costs by down-sizing the labor force so the company can compete with other sportswear companies.
There are two ways a company can down-size the labor costs, one of these is down-scaling the direct labor, and the other one would be to relocate the labor and obtain cheaper labor force. Reduce Employee Costs. Outsource any jobs where a full-time employee is not necessary. This will cut your payroll expenses, health-care costs and space requirements. Introduce a reward scheme for employees who do not take any sick days in a year or six-month period. The cost of the reward is
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Meeting with long-distance clients is costly and it can be expendable for some businesses, but travel can also be the most beneficial expense for a business. Fortunately, modern technology can replicate the experience at a much lower cost; such as communicating through Skype or some other form of video chat link. Cut out the landline and fax line -- with Blackberry's and iPhones, and everything compatible for email, who needs them?
Conceder free advertising whenever possible, try piggybacking your advertising. Including advertising material in other mailings, such as in invoices, saves postage and other costs, says J. Donald Weinrauch, co-author of The Frugal Marketer. Likewise, make the most of your point-of-purchase opportunities by tucking coupons, newsletters or other promotional fliers in the bag with customers' purchases.
Hire independent contractors or temporary workers as needed. Outsource your payroll, benefits and HR. Consider a virtual assistant or answering service to reduce payroll.
Some IT Department solutions, Process Automation allows a smaller management team to effectively handle a larger number of systems
Intelligent Software Delivery allows companies to more accurately assess how many licenses they will need when purchasing software
Endpoint Virtualization reduces downtime for application conflicts and provides a secure workspace when roaming
Power Management Capabilities documents compliance with
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If a company decides to help differentiate its branded footwear by offering buyers 500 models/styles to choose from, then company managers should evaluate the merits of trying to reduce the $14 million annual costs for production run setup costs associated with producing 500 models/styles at each plant by
However, this move is not always a wise one because when an enterprise has fewer workers it would reduce its productivity which would mean more
Give contests to the workers between each other and give points to the workers for whatever good things they have done and also must deduct points when they do not do well suppose for example when a worker keep absenting themselves must deduct points for every absence so the staffs will turn up every day and they will be motivated to turn up for work for everyday and put in such a way that that the staff who earns the most points will get rewarded with the most bonus and that will motivate the staffs to do good
Teleconferencing will be used to the maximum extent possible to communicate to stakeholders in out of town locations. This will help to reduce the amount of travel required and provide for an effective method of communication.
Economic: Continued economic struggles, especially within the European Union, have the potential to negatively affect Lululemon’s international expansion(Thomas
To communicate effectively in the organization between customers; e-mails, chats (WhatsApp/BlackBerry/Skype) and direct phone calls are most useful. E-mails are used as formal communication tool between different customers and can be archived for future need but it can be a reason to delay the response either by the user or by telecommunications’
Shoe companies could help out so many kids to play the sport they love if they donate shoes and equipment to high school athletes. There are some students that don’t get to play a sport because they don’t have the money. Shoe companies would be doing a great thing by donating shoes and equipment to a school that needs it. Students should be able to enjoy their high school years even if they can’t afford some things. Shoe companies should be able to give away free shoes and equipment to high school athletes.
There are a number of substitutes to air travel, especially over short distances. These include taking other modes of transportation such as driving, taking the train etc., or not traveling at all. The use of technology (like WebEx, NetMeeting, video-conferencing etc.) that facilitates remote virtual collaboration is becoming a good substitute for business air travel as well.
Furthermore, depending on which location this company decides to produce in, we may be able to further reduce costs by paying for pieces produced. In addition, we would avoid any contact with unions reducing any additional problems like strikes, contract negotiations, and terminating poor performance workers that may affect our production time to customers. In addition, lowering labor, operating, and overhead costs though outsourcing would allow this company to potentially lower out price levels. And with our high demand, this can lead to an increase in sales and the ability to take market shares from our
Ms. Ringer is largely supporting operations through her line of credit versus managing costs. In review of the operating costs, overhead and administration have increased by 8% from 2008-2011 or $116,870. In addition salary dollars continue to increase from 2008-2011 by $111,150 with no efforts to flex. The other expenses are staying steady in proportion to gross revenues. There may be opportunities in these areas however salaries and overhead is the greatest opportunity to scale back costs and contribute to increased net income and ultimately positive cash flows. Flexing salaries and benefit to 44% of gross revenue and reducing overhead and expenses to 10% of gross revenue is recommended for Ms. Ringer to increase net income to $152,956 and equity to $240,214 (exhibit Operating Statements-2012 proforma).
Individuals have some great things to look forward to. Many already communicate over the internet for free (not including ISP cost) in a simple fashion by chat rooms, instant messaging, and email. Some are already using VoIP to replace their current telephone provider due to the lower
As I was hired by Nike Corporation to choose the celebrity who will endorse their new Nike tennis shoes, I collected all the important information as well as conducted the survey to make a right recommendation. So, the purpose of this document is to find the best fit who will promote the new shoes. The document will give you the information about the history and background of the celebrity. Also, it will provide with the survey that was mainly focused on figuring out if our choice was right and if the other people would agree with us.
In the article, there are six options what company can do to help their employees to stay healthy and at the same time cut their costs.
3. Create more billable hours. "How," you say? First, start by outsourcing all non-revenue generating responsibilities, such as bookkeeping and administrative tasks. Virtual assistants are an affordable and practical option as you grow your business. Next, look into investing in the growth of your business by hiring a productivity consultant who can help maximize your time. Even if you consider yourself a highly organized person, you would be surprised just how much more efficient you can be if you learn from a trained productivity expert. The extra billable time you gain will more than pay for the service.