Cost monitoring checklist

We all know that in order to be successful, our businesses need to be profitable. One of the key ways to ensure profitability is to keep a close eye on our costs and make sure we are monitoring and controlling them effectively. But what does it mean to monitor and control our costs effectively? 

  • (1) Know your variable and fixed costs.

  • (2) Understand your company's cost structure.

  • (3) Use cost-benefit analysis to make decisions.

  • (4) Make use of cost-cutting strategies.

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