Why cost management is important in your business

Why cost management is important in your business

Image result for cost managementCost management was often underestimated by organizations only thought of it if we’re going through difficult times, says Deloitte. However, in recent years this practice was taken more seriously. Why is it important for your business?

Cost management is the management of resources (financial, material, etc.) that the company uses and it is important because in this way it helps you to achieve your objectives.

This analysis helps to know the capacity and competencies of a company, because it values indicators such as growth, positioning, profitability, productivity and return on investments, affirms the Mexican Institute of Public Accountants (IMCP).

According to Deloitte’s survey on cost management in the era of digital disruption, at least 86% of participants indicated that they are likely to take initiatives to reduce costs in the next 24 months. Almost half of the organizations surveyed have the goal of reducing their costs in percentages below 10%.

To improve the use of resources, 40% of the respondents will undertake tactical cost actions such as optimization of business processes and reduction of external expenses, said the respondents. At least 33% of those consulted will initiate strategic cost plans such as outsourcing, centralization and business reconfiguration.

Another way you can favor cost management in your company is financial leasing. This allows you to renew or replace your equipment, machinery or furniture without a major problem. Generally, small and medium-sized enterprises (SMEs) encounter difficulties when implementing changes of this type.

PaydayNow-  understands your financial needs.

This offers benefits such as:

 

* Initial savings of up to 15% when avoiding the payment of hooks

* Free credit lines that can be used to cover other needs

* Deduction of monthly payments, fuel expenses and equipment maintenance

 

How to access the lease?

 

  1. Identify what type of machinery or equipment you need and the suppliers that can sell it to you
  2. Once you have determined the model, quantity or functions request a quote
  3. Submit this quote to the lessor, along with the corresponding documents
  4. The lessor will make a rental plan with the option to purchase at the end of the period for a residual amount, renewal of the contract -where sometimes equipment update is included- and even termination of the contract without major consequences (ideal for temporary projects)
  5. Get the most out of the inputs and grow your business.

 

Crédito Real gives you the opportunity to keep your business at the forefront by leasing machinery, medical equipment, vehicles or fleets, computer equipment, and office furniture through financial leasing and leaseback sales.