Our phase 2 programme started this week with a focus on readying firms for the recession, and we  looked at ways to reduce costs and methods to mitigate the impacts of the recession on cashflow and finances

As firms are faced with the economic impacts of the recession, it becomes necessary to focus on cost reduction to survive these difficult times. Join peers as we take a deep dive into manufacturing costs and unpack the merits of various cost reduction strategies to safeguard your business.

In our weekly discussions, we delved deeper into the following discussion points.

Lowering three types of costs:

• EMPLOYEE COSTS – how to do it responsibly and ethically
• MATERIALS COST – i.e. what options exist and how to negotiate with suppliers and how you can get reduced costs of materials
• OTHER COST STRATEGIES – i.e. supply chain costs, utilities, inventory and rental costs.