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.