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10 strategies and tactics for Cost Management

What is Cost Management strategy?

Every great achievement starts with a well-thought-out plan. It can be the launch of a new product, expanding into new markets, or just trying to increase efficiency. You'll need a delicate combination of strategies and tactics to ensure that the journey is smooth and effective.

Finding the right Cost Management strategy can be daunting, especially when you're busy working on your day-to-day tasks. This is why we've curated a list of examples for your inspiration.

Copy these examples into your preferred tool, or utilize Tability to ensure you remain accountable.

How to write your own Cost Management strategy with AI

While we have some examples available, it's likely that you'll have specific scenarios that aren't covered here. You can use our free AI generator below or our more complete goal-setting system to generate your own strategies.

Cost Management strategy examples

You will find in the next section many different Cost Management tactics. We've included action items in our templates to make it as actionable as possible.

Strategies and tactics for achieving harmonisation through communication strategies

  • ⛳️ Strategy 1: Align communication with strategic pillars

    • Develop a core message that integrates value, trust, and convenience into all communications
    • Create guidelines for consistent messaging across all platforms and channels
    • Train staff on the importance of the strategic pillars and how to communicate them effectively
    • Use customer feedback to refine and enhance messaging for clarity and impact
    • Implement a content calendar to ensure regular communication aligning with strategic pillars
    • Collaborate with all departments to ensure communication reflects the unified business approach
    • Use storytelling to highlight real-life examples of the strategic pillars in action
    • Create targeted campaigns that emphasize the benefits of value, trust, and convenience
    • Utilize visuals that reinforce the strategic pillars in marketing materials
    • Regularly review and adapt communication strategies based on performance analytics

  • ⛳️ Strategy 2: Embrace the 'Everyday low cost' philosophy

    • Conduct market research to identify key areas for reducing costs while maintaining value
    • Communicate cost-saving initiatives clearly to customers, showcasing affordability
    • Highlight 'Everyday low cost' in promotional materials and customer-facing communications
    • Collaborate with suppliers to negotiate better terms that allow cost savings transfer to customers
    • Create a dedicated team to oversee the implementation of cost-saving measures across the business
    • Monitor competitor pricing and adjust strategies to maintain a competitive edge
    • Use customer feedback to identify areas where perceived value can be enhanced
    • Train staff to communicate the benefits of cost savings to customers in-store
    • Integrate 'Everyday low cost' messaging into online and offline customer journeys
    • Review and report on cost-saving outcomes regularly to measure success

  • ⛳️ Strategy 3: Promote the 'Happy to help' customer experience

    • Develop a training program for staff centred on customer service excellence
    • Create an internal campaign to motivate staff around the 'Happy to help' ethos
    • Implement technology solutions that streamline and enhance customer service interactions
    • Regularly seek customer feedback to guide improvements in service delivery
    • Incorporate the 'Happy to help' message into all customer communications
    • Use success stories of exceptional customer service in internal and external communications
    • Offer incentives for staff who demonstrate outstanding commitment to customer satisfaction
    • Develop a customer support system that is accessible and efficient for all customers
    • Track and analyse customer service metrics to identify and address areas for improvement
    • Celebrate 'Happy to help' achievements with recognition events and rewards
harmonisationcommunicationstaff-trainermarketing-coordinatorcustomer-service-teamcost-management-team
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Strategies and tactics for developing a Financial Strategies Plan for Precast Companies

  • ⛳️ Strategy 1: Optimise cost management

    • Conduct a detailed cost analysis across all departments
    • Identify areas with potential for cost savings
    • Implement bulk purchasing agreements with suppliers
    • Invest in technology to automate manual processes
    • Regularly review and adjust budget allocations
    • Develop a cost-accounting system for tracking expenditures
    • Negotiate better terms with existing suppliers
    • Conduct regular financial audits to ensure transparency
    • Train staff on cost-effective practices
    • Benchmark costs against industry standards

  • ⛳️ Strategy 2: Diversify revenue streams

    • Identify potential new markets for product expansion
    • Develop new product lines tailored to emerging markets
    • Form strategic partnerships with construction firms
    • Explore export opportunities in international markets
    • Leverage technology to offer value-added services
    • Create a specialised sales team to target new industries
    • Invest in market research to anticipate industry trends
    • Develop long-term contracts with key clients
    • Strengthen online presence to reach a broader audience
    • Set specific financial targets for each new revenue stream

  • ⛳️ Strategy 3: Enhance financial resilience

    • Establish a robust cash reserve for economic downturns
    • Implement a dynamic pricing model to respond to market changes
    • Reduce dependency on a single customer or market segment
    • Invest in financial forecasting tools for better planning
    • Develop a risk management framework for financial uncertainties
    • Diversify investment portfolio to spread financial risk
    • Review debt structures and aim to reduce interest burdens
    • Increase equity financing to strengthen the balance sheet
    • Engage financial consultants for expert advice periodically
    • Align financial strategies with overall business goals
cost-managementrevenue-diversificationfinancial-analystprocurement-managerfinance-teamsales-team
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Strategies and tactics for analysing Infosys Resource & Capability Matrix

  • ⛳️ Strategy 1: Leverage key strengths to diversify market dependency

    • Enhance marketing efforts in non-US regions leveraging global talent pool
    • Develop strategic partnerships to penetrate new markets using existing client relationships
    • Expand digital capabilities to cater to localised needs in emerging markets
    • Utilise brand reputation to enter European and APAC markets
    • Conduct innovation workshops to tailor services for diverse markets
    • Promote thought leadership through global webinars and conferences
    • Utilise innovation capabilities to create market-specific solutions
    • Drive collaborative projects with local governments and agencies
    • Establish regional offices to boost market presence
    • Invest in local talent acquisition to enhance cultural alignment

  • ⛳️ Strategy 2: Reduce dependency on high attrition talent

    • Enhance employee engagement programmes to reduce attrition rates
    • Provide competitive compensation and benefits packages
    • Implement regular performance and satisfaction surveys
    • Foster a culture of innovation and growth to retain talent
    • Enhance leadership training at Infosys Leadership Institute
    • Offer career advancement opportunities and reskilling initiatives
    • Introduce flexible work arrangements to improve work-life balance
    • Establish mentorship and buddy systems for new hires
    • Recognise and reward high-performing employees
    • Implement a feedback loop to address employee concerns proactively

  • ⛳️ Strategy 3: Optimise R&D and consulting capabilities

    • Increase investment in R&D to elevate innovation potential
    • Develop a knowledge sharing hub for best practices in consulting
    • Train consulting teams to improve client interaction and problem resolution
    • Integrate AI tools to enhance consulting service delivery
    • Host innovation sprints to generate new consulting solutions
    • Collaborate with leading research institutions for knowledge advancements
    • Leverage global consulting teams to address regional needs
    • Create centres of excellence focussing on consulting and R&D
    • Conduct industry benchmarking to align consulting services with global standards
    • Offer consultancy certification programmes to upskill employees
diversificationtalent-retentionmarketing-strategisthr-managerr&d-teamconsulting-team
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Strategies and tactics for creating a revision plan for CMA Inter Exam

  • ⛳️ Strategy 1: Divide and conquer

    • Allocate a week to each subject, focusing on completing a comprehensive review of syllabus topics
    • Set aside morning sessions for theoretical subjects (BLE, CA, CAA, MA) to leverage better concentration levels
    • Utilise afternoons for practical subjects (FA, DITX, OMSM, FMDA) to apply hands-on problem-solving techniques
    • Revise one law or concept per day for LAW papers, followed by summary writing
    • Practice numerical problems on a daily basis for subjects like FA, CA, CAA, and FMDA
    • Create visual aids like mind maps for each theoretical subject to summarise chapters
    • Conduct weekly mock tests for each subject using past examination papers
    • Set weekends aside for group discussions with peers to clarify doubts and promote active learning
    • Allocate the last two weeks of every month for a combined revision of both groups' subjects
    • Reserve the last month for intensive revision, focusing on weaker areas identified during previous revisions

  • ⛳️ Strategy 2: Schedule and track

    • Develop a monthly planner breaking down each subject into weekly revision modules
    • Use a daily planner to allocate specific times for each sub-topic or chapter per day
    • Mark three check-in points each month to review progress and adjust planning as needed
    • Incorporate at least one rest day per week to avoid burnout and maintain productivity
    • Set specific goals for each study session to complete certain readings or practice sets
    • Integrate short, regular breaks using techniques like Pomodoro with sessions lasting 25-45 minutes
    • Create a checklist for each subject to track completed chapters versus pending ones
    • Review performance and understanding of material by writing summaries or explanations of topics in your own words
    • Hold a weekly review session to consolidate learning from previous sessions
    • Maintain a log to track completion of practice exams and note any recurring issues in knowledge or exam technique

  • ⛳️ Strategy 3: Practice and evaluate

    • Start the day with a 30-minute review of previous day's material to reinforce learning
    • Schedule two days per subject each month for full-length test practice under timed conditions
    • Analyse past exam papers to identify common question patterns and frequently tested topics
    • Incorporate at least one interactive session per week, such as teaching a peer or presenting key concepts
    • Use question banks and online quizzes for regular self-assessment on various subjects
    • Dedicate specific slots each week for revisiting tough topics or frequently made errors
    • Simulate exam conditions by limiting breaks and using only the permitted resources during practice exams
    • Engage with online forums or study groups for exposure to diverse questions and solutions
    • Invite feedback from mentors or teachers on mock exam answers to improve precision and depth
    • Conclude each month with a comprehensive review of study logs and mock test scores to plan focus areas for the next month
revisionstrategystudentmentorstudy-groupexam-preparation-team
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Strategies and tactics for preparing a comprehensive mall review strategy

  • ⛳️ Strategy 1: Establish a robust mall management structure

    • Appoint a mall general manager to oversee overall operations
    • Set up specialized departments for operations, leasing, marketing, and finance
    • Designate managers for each department to ensure focused leadership
    • Implement weekly cross-departmental meetings for alignment on objectives
    • Create clear reporting structures with department heads reporting to the general manager
    • Conduct quarterly reviews of the management structure to identify areas for improvement
    • Develop a succession plan to maintain leadership continuity
    • Integrate communication and project management tools for improved collaboration
    • Organize bi-annual team-building activities to strengthen team dynamics
    • Set up performance evaluation criteria for department heads

  • ⛳️ Strategy 2: Maximize tenant occupancy through strategic lease management

    • Establish a dedicated leasing department for managing tenant relations
    • Develop a tenant mix strategy to balance retail, F&B, and service stores
    • Introduce a lease expiry management system for timely renewals and negotiations
    • Set up KPIs for monitoring occupancy rate, lease terms, and tenant satisfaction
    • Conduct market research to identify potential new tenants and sectors to enhance the mall's offering
    • Review and adjust lease terms to reflect current market conditions
    • Implement a feedback system for tenants to express needs and concerns
    • Organize regular tenant meetings to discuss and negotiate leasing issues
    • Provide incentives for anchor tenants to ensure long-term occupancy
    • Develop a contingency plan for managing high vacancy rates

  • ⛳️ Strategy 3: Enhance financial transparency and operational efficiency

    • Set up a finance and accounting department for revenue and cost management
    • Implement monthly financial reporting to track profitability and operational costs
    • Introduce a centralized billing system for tenant payments
    • Automate vendor and supplier payments to optimize cash flow
    • Conduct regular financial audits to ensure accuracy and compliance
    • Establish an expense management policy for cost control
    • Analyze financial data to identify trends and areas for cost reduction
    • Train staff in financial literacy to enhance fiscal responsibility
    • Create an annual budget plan aligning with mall objectives
    • Integrate accounting software for streamlined financial operations
mall-managementtenant-occupancygeneral-managerleasing-managerfinance-departmentleasing-department
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Strategies and tactics for improving the Perfume Supply Chain

  • ⛳️ Strategy 1: Map the entire supply chain

    • Identify and document all key suppliers in the perfume supply chain
    • Evaluate the sourcing processes for raw materials, such as essential oils and alcohol
    • Assess transportation logistics from raw materials to production facilities
    • Map the production process including bottling and packaging
    • Understand distribution networks from production to retail
    • Identify key performance indicators (KPIs) for each supply chain stage
    • Conduct a risk assessment for supply chain vulnerabilities
    • Analyse current cost structures associated with each component
    • Evaluate sustainability practices within the supply chain
    • Document all findings for stakeholder review

  • ⛳️ Strategy 2: Assess and optimise supply chain impact

    • Analyse the cost implications of supply chain decisions on the overall budget
    • Evaluate how sustainability practices can be improved and extended
    • Investigate the impact of supply chain practices on brand positioning
    • Conduct a competitor analysis to benchmark supply chain efficiency
    • Implement cost-saving measures such as bulk purchasing or local sourcing
    • Assess the environmental impact of logistics and transport
    • Partner with eco-friendly suppliers to enhance sustainability
    • Optimise supplier management systems for better relationship management
    • Determine areas where technology can reduce costs and improve efficiency
    • Create measurable objectives to track improvements in supply chain performance

  • ⛳️ Strategy 3: Develop a strategic supply chain plan

    • Align supply chain goals with overall business objectives for the brand in New Delhi
    • Develop a strategic sourcing plan focusing on key resources
    • Establish partnerships with local suppliers to reduce lead times and costs
    • Design a flexible logistics plan that accommodates demand fluctuations
    • Implement a sustainability plan that targets carbon footprint reduction
    • Create a risk management plan to mitigate potential supply chain disruptions
    • Leverage technology for real-time supply chain tracking and management
    • Design a supplier performance monitoring system with KPIs
    • Develop a communication strategy for supplier relationship management
    • Regularly review and adjust the supply chain strategy based on market and business changes
supply-chainoptimizationsupply-chain-managerprocurement-specialistlogistics-teamsustainability-team
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Strategies and tactics for drafting a remuneration strategy for ABC Super Tech

  • ⛳️ Strategy 1: Customise remuneration elements by division

    • Conduct a market analysis for compensation across the tech industry
    • Determine base salary ranges for each position in operations, sales, logistics, and corporate services
    • Set division-specific performance metrics for the annual bonus at 15% of total cost to company
    • Incorporate a 10% company bonus on the distribution tool for employees in sales and logistics
    • Allocate a management bonus of 25% for senior roles across all divisions
    • Introduce a 25% company bonus for managers in operational and logistics roles
    • Roll out personalised salary packages for high-performing employees in each division
    • Review and adjust remuneration plan bi-annually to address market changes
    • Communicate the remuneration structure transparently to all employees
    • Regularly gather employee feedback to refine remuneration elements

  • ⛳️ Strategy 2: Develop a retention strategy

    • Identify key retention drivers for each division through employee surveys
    • Implement career development pathways with clear progression plans
    • Establish mentorship programmes for new and existing employees
    • Offer flexible working arrangements across operations, sales, logistics, and corporate services
    • Enhance non-monetary benefits such as health and wellness programmes
    • Set up regular one-on-one meetings to discuss career goals and growth
    • Create recognition programmes to acknowledge achievements and contributions
    • Conduct stay interviews to uncover employee satisfaction and retention issues
    • Develop tailored retention bonuses for high-demand roles
    • Analyse turnover rates and trends to improve retention strategies continually

  • ⛳️ Strategy 3: Implement an incentive and remuneration plan

    • Align incentives with company goals and division-specific objectives
    • Define clear criteria for performance-based bonuses and incentives
    • Utilise technology solutions to track performance metrics in real-time
    • Regularly update incentive programmes to reflect changes in company strategy
    • Communicate the benefits of the incentive plan through workshops and presentations
    • Monitor the effectiveness of incentive programmes through employee feedback and performance assessments
    • Introduce quarterly incentive updates to encourage short-term performance boosts
    • Provide training sessions on how to maximise earnings under the incentive plan
    • Collaborate with division leaders to ensure the incentive plan meets division needs
    • Establish a cross-functional team to oversee implementation and address any arising issues
retentionincentivesmanagershr-professionalscorporate-servicessales-and-logistics
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Strategies and tactics for achieving cost efficiency and savings from technology

  • ⛳️ Strategy 1: Conduct a comprehensive technology audit

    • Identify all current technology assets and resources
    • Evaluate the utilisation rates of current technologies
    • Assess the effectiveness and performance of existing systems
    • Identify redundant or obsolete systems that could be eliminated
    • Examine current technology costs and spending patterns
    • Highlight integration issues and inefficiencies
    • Gather feedback from staff about technology pain points
    • Identify potential areas for automation and modernization
    • Calculate potential cost savings from system consolidation
    • Develop a report summarising audit findings and opportunities

  • ⛳️ Strategy 2: Optimise technology utilisation

    • Develop a training program to enhance employee technology skills
    • Promote a cloud-first strategy to reduce on-site infrastructure
    • Implement remote work tools to minimise costs
    • Adopt software solutions with flexible licensing options
    • Regularly review and update technology usage policies
    • Utilise data analytics to drive business efficiencies
    • Encourage the use of open-source software when applicable
    • Monitor software adoption rates and user feedback
    • Implement energy-efficient technologies and practices
    • Schedule routine technology optimisation reviews

  • ⛳️ Strategy 3: Negotiate contracts and leverage strategic partnerships

    • Review all existing contracts with technology vendors
    • Identify high-cost contracts and negotiate better rates
    • Seek volume purchasing agreements for software/licenses
    • Invest in strong vendor relationship management
    • Consider forming alliances with other organisations for bulk purchasing
    • Attend industry trade shows and conferences for networking
    • Evaluate benefits of collaborative technology projects
    • Regularly review market rates for technology services
    • Incorporate performance-based clauses in technology contracts
    • Establish a procurement process for continuous cost checking
cost-efficiencytechnology-savingsit-managerprocurement-specialisttechnology-audit-teamvendor-management-team
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Strategies and tactics for implementing smart timetabling at ArbourVale school

  • ⛳️ Strategy 1: Analyse current timetabling inefficiencies

    • Collect current timetabling data for all rooms and classes
    • Calculate frequency, occupancy, and utilisation rates for each room
    • Identify periods of low usage and underutilised rooms
    • Analyse the distribution of classes throughout the day and week
    • Interview teachers and staff to gather qualitative data on scheduling pain points
    • Review student feedback on class timings and room allocations
    • Benchmark current occupancy and utilisation rates against HE and FE space norms
    • Create a detailed report outlining inefficiencies and potential areas for improvement
    • Present findings to senior leadership for review and feedback
    • Adjust the timetable consultation based on feedback

  • ⛳️ Strategy 2: Optimise room use and class scheduling

    • Develop a new timetable considering identified inefficiencies and feedback
    • Use room modelling software to simulate optimal room assignments
    • Ensure that room allocations align with HE and FE space norms
    • Consider frequency and occupancy patterns to maximise room usage
    • Implement phased changes to the timetable for minimal disruption
    • Introduce buffer periods to facilitate room turnover and cleaning
    • Monitor real-time room usage for the first few weeks after implementation
    • Adjust room allocations and class timings based on actual usage data
    • Provide training for staff and students on the new timetabling system
    • Collect continuous feedback for improvement and optimisation

  • ⛳️ Strategy 3: Maximise capacity without additional costs

    • Investigate the possibility of flexible, multi-purpose room setups
    • Identify opportunities for blending in-person and online classes to free up space
    • Encourage utilisation of underused time slots, such as early mornings and afternoons
    • Negotiate with staff for more flexible working hours to cover more classes
    • Link income from increased pupil numbers to additional staffing costs
    • Introduce shorter, more frequent class sessions to optimise room use
    • Ensure staff to student ratios are adequate, without overstaffing
    • Implement a booking system for rooms to avoid overlaps and double bookings
    • Assess the possibility of collaborative spaces to accommodate larger groups
    • Monitor financial impact regularly to align pupil income and staffing costs
timetablingoptimisationtimetabling-coordinatordata-analystfaculty-managementit-support
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Strategies and tactics for developing Strategic Mapping Using Diagram

  • ⛳️ Strategy 1: Compile Strategic Initiatives

    • Gather key strategic initiatives from organisational departments
    • Organise initiatives into relevant perspectives: financial, customer, internal process, and learning and growth
    • Engage stakeholders to validate and prioritise the initiatives
    • Define clear objectives associated with each strategic initiative
    • Align each initiative to the overall organisational vision
    • Identify interdependencies between different initiatives
    • Establish key performance indicators for each strategic initiative
    • Review existing strategic maps for inspiration and improvement ideas
    • Engage a diagram software specialist to assist in visual representation
    • Seek feedback from stakeholders on drafted initiative compilation

  • ⛳️ Strategy 2: Design Strategic Mapping Diagram

    • Select a diagram tool that allows for easy sharing and editing
    • Create separate layers for each strategic perspective in the map
    • Use standard shapes and colour codes to represent different elements
    • Input strategic initiatives and their key action points into the diagram
    • Connect related initiatives with lines to show relationships and dependencies
    • Incorporate arrows to indicate the flow of activities and their direction
    • Annotate the diagram to provide clarity and context for each element
    • Ensure the diagram aligns with the organisational objectives and vision
    • Make provision for regular updates and version control of the diagram
    • Seek feedback from a cross-section of employees to refine the map design

  • ⛳️ Strategy 3: Implement and Communicate the Strategic Map

    • Introduce the strategic map to all employees through a formal presentation
    • Share the diagram on a collaborative platform for continuous access
    • Instruct managers to align team goals with the strategic map
    • Develop an FAQ guide to address common questions regarding the map
    • Schedule regular review sessions for updates and improvements
    • Encourage departments to integrate the map into planning activities
    • Use the map to track progress and report on strategic initiative outcomes
    • Conduct workshops to train staff on how to utilise the strategic map
    • Implement a feedback loop for ongoing improvement of the map
    • Celebrate milestones achieved as outlined in the map with staff recognition
strategic-mappingdiagram-visualizationdiagram-specialiststakeholderorganizational-planningstrategic-development
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How to track your Cost Management strategies and tactics

Having a plan is one thing, sticking to it is another.

Don't fall into the set-and-forget trap. It is important to adopt a weekly check-in process to keep your strategy agile – otherwise this is nothing more than a reporting exercise.

A tool like Tability can also help you by combining AI and goal-setting to keep you on track.

More strategies recently published

We have more templates to help you draft your team goals and OKRs.

Planning resources

OKRs are a great way to translate strategies into measurable goals. Here are a list of resources to help you adopt the OKR framework:

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