Hey there! Welcome back and let’s proceed straight into the topic of the day – cost control. Sometime back I wrote about opportunity costs in this blog platform, and I do hope that you read that article. If you missed it you could still access it easily through this link: Article on Opportunity Costs. Closely related to that is my article on business profitability which you can easily find here: Article on Business Profitability. As you read the above articles you might appreciate the importance of cost control.
The main reason why I’m coming back to the cost agenda is this – many enterprises make great revenue and blow it all away and hence cannot make great progress over the years. Profit and profit retention is important in an enterprise, and you should not excuse yourself from profit with whatever reasons you might have. Don’t you agree with me? Of course, one of the key elements that determine your enterprise profitability is the aspect of cost control. You could generate revenue in zillions of whatever currency you like, but if your cost control is poor your enterprise will still remain in the backyard. So, what are some of the key issues an entrepreneur must know about cost control?
Yes – if you desire to make profits and grow that enterprise to the next level you really need to be on top of costs, otherwise you will run in vain and have little to show for many years of business operations. Do you know why big enterprises today even hire cost-cutting consultants? What about you Mr. Entrepreneur?
The Wise Entrepreneur