Best practice: a technique for reducing costs

Article Abstract:

Lucas Industries Inc's Lucas Automotive division has chosen to approach the problem of cost reduction by employing the 'best practice' strategy. This approach entails applying the lessons learned from the experiences of others. Underlying the company's best practice approach was the assumption that there will always be a group that will outperform others engaged in the same activity, and that these other groups can learn from the best performer. Lucas Automotive's best practice strategy has five sequential phases. These are topic selection, enquiry and analysis, discussion, conclusions, and communications. The automobile company has come to the conclusion that the potential savings offered by the best approach far outweighs the cost of implementing it, even though financial benefits are not likely to be obtained immediately.

Motor vehicles and car bodies, Engineering services, Accounting and auditing, Automobile industry, Lucas Automotive

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Ground control

Article Abstract:

Techniques for managing company ground travel expenses are discussed. Rental car companies provide day-to-day rental services to businesses, but rental plans are often more expensive than other types of arrangements, and the firm hiring the car may be paying for insurance that it already has. Long-term rentals may be more advantageous for firms that spend large amounts on travel. Parking costs at airports can be reduced by using the chauffeur-drive services offered by many airlines. Rail fares in Britain no longer offer significant savings to business travelers. Companies should avoid paying for travel expenses with cash advances, because the interest that would otherwise be generated by the money is lost, and cash advances make it more difficult to monitor travel expenses.

Usage, Business travel, Automobile parking, Car parking, Automobiles, Rental, Rental cars

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Controlling the late payment curse

Article Abstract:

The early years are critical for small companies, particularly start ups, and thus proper credit control is essential for the business to survive. Companies are often reluctant to use legal back up in pursuit of late-payers, and therefore, the credit expertise that invoice finance can bring to small companies can be a crucial benefit of the deal with clients.

Financial management, Management dynamics, Credit Management, Cost Control Techniques, Company business management, New business enterprises, Startups, Company financing, Cost reduction

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