Strategic Cost Management in an Economic Downturn

Introduction

In a volatile global business environment and particularly during an economic downturn there is intense pressure to create and deliver value to key stakeholder groups with minimum waste and maximum cost efficiency. Customers demand quality at the right price, funding providers expect a return on their investment that reflects the risks in today’s global market for capital.

The most successful organisations have used strategic cost management to balance these challenging demands. This highly practical training course provides valuable insights in to how delegates can apply these cost management principles in their own organisations.

This training course will feature:

• The nature of modern global competition
• Understanding the nature and behaviour of costs
• Strategies for planning and managing costs
• Modern techniques for strategic cost reduction
• Overcoming barriers to achieving cost reduction

Objectives

The training course intends to provide delegates with the principles and practical skills to manage and reduce costs in an economic downturn.

At the end of this training seminar you will be able to:

• Analyse the modern global business environment
• Understand and explain the nature and behaviour of costs
• Use a strategic performance framework to plan and manage costs
• Apply modern quality focused strategic tools to reduce costs
• Anticipate and overcome common barriers to cost reduction initiatives

Training Methodology

Participants to this training seminar will receive a thorough training on the subjects covered by the training seminar outline with the instructor utilising a variety of proven adult learning teaching and facilitation techniques. Training seminar methodology includes: participative training seminars, discussion groups and hands-on case studies.

Organisational Impact

The organisation will benefit from the knowledge, principles and practical skills that the delegates will be able to apply in response to the challenges of an economic downturn, specifically:

• A strategic approach to cost management and reduction
• Awareness of the need to focus on delivering value to key stakeholders
• Knowledge of cost structure and behaviour and how to reduce costs
• Practical tools and frameworks to manage organisational performance
• Appreciation of managing resistance to organisational change

Personal Impact

Delegates will benefit from the principles and practical skills passed on through this training seminar that will put them firmly in the position of being able to take an active leading role in their organisation in strategically managing and reducing costs, whilst maintaining the creation and delivery of value to key organisational stakeholders. The training course will enhance delegates skills, develop their roles and improve their career prospects by:

• Developing a strategic approach to solving organisational challenges
• Framing their own decision-making in terms of stakeholder value
• Improving knowledge of cost behaviour and structure
• Applying a strategic approach to cost management and reduction
• Using proven approaches to managing change