Asharqia Chamber organizes a workshop on "reducing costs in the retail sector"
Asharqia Chamber, represented by the Small and Medium Enterprises Center, organized today, Monday, August 9, 2021, a workshop, during which a specialist in business administration reviewed the topic of "reducing costs in the retail sector".
The specialist Thaer Al-Asir - the workshop presenter - said that managing retail trade costs a lot of money, and although it is not possible to eliminate operating costs, there are actually some easy ways to reduce and control them, as it can be started to reduce them by implementing some changes Simple in the day-to-day operations of your business, which can be applied to control and reduce the hidden costs of your retail business.
Al-Asir said that several steps must be followed, most notably: Knowing your main cost and calculating it monthly, and the main cost is actually the first measure of the project’s financial health, which includes all the expenses that are paid for day after day and that keep your project running, which means Products or consumables and the manpower needed to keep you competitive.
On the subject of cost control, Al-Assir said that it is the practice of identifying and reducing business expenses to increase profits, and it begins with the process of preparing the budget, and the business owner must compare the actual financial results of the company with the budgeted expectations, and if the actual costs are higher than planned, the management has The information you need to take action, as a company can get quotations from different sellers offering the same product or service, which can lead to lower costs, pointing out that cost control is an important factor in maintaining and growing profitability.
Al-Asir referred to the inventory process, stressing the importance of educating employees on the importance of inventorying and how to do that. Maintain the optimum level of stock and identify deficiencies related to materials, and prevent the expiration or expiration of the shelf life of products.
In the workshop, the captive addressed the importance of automating daily tasks, and also reducing expenses by outsourcing some services, as they may end up being cheaper than doing them in-house.
