In order to be competitive, a company must provide superior value to customers while maintaining healthy margins. This allows businesses greater flexibility to use price as a competitive advantage and self-fund improvements. This requires analyzing and improving internal costs (variable and fixed costs) and external costs.
Show Objective Given a method for mapping processes, how to determine value provided and reduce steps, time, costs to improve quality. EPISODE 5: WHAT IS A LOWEST-COST PRODUCER (support podcast) Before we get into the details of achieving status as the Lowest-Cost Producer within your market, let’s tackle the difference between cost and price. LCP status is simply producing a product or delivering a service better and faster than the competition. That means if you don’t change the price, you will have better margins than the competition or you can reduce the price and have the same margin as the competitor - both are excellent positions in the market. You can use the additional margin to increase your marketing spend or price reductions, which will not hurt you, to buy market share from the competition. Usually it will force them to do the same and because of lower margins, they are jeopardizing the health of the company. The easiest method, especially if you are starting from scratch, is to use the value mapping process. IMPORTANT SUPPORT IS NOW AVAILABLE - Next Monday at 1PM EST is our CHALLENGE Session where we will review the previous Financial Shows. It is an open forum for you to ask questions and challenge your thinking about Owning Your Numbers. Click Here to Reserve a Seat. Tags: recession proofing your business, becoming lowest-cost producer, cost control, profitability, activity based costing, operations, IBGR, IBGR Network, William Eastman EPISODE 6: KEY TERMS YOU NEED TO KNOW (support podcast)
IMPORTANT SUPPORT IS NOW AVAILABLE - Next Monday at 1PM EST is our CHALLENGE Session where we will review the previous Financial Shows. It is an open forum for you to ask questions and challenge your thinking about Owning Your Numbers. Click Here to Reserve a Seat. Tags: recession proofing your business, becoming lowest-cost producer, cost control, profitability, activity based costing, operations, IBGR, IBGR Network, William Eastman EPISODE 7: THE LCP PROCESS - PART 1 (support podcast)
IMPORTANT SUPPORT IS NOW AVAILABLE - Next Monday at 1PM EST is our CHALLENGE Session where we will review the previous Financial Shows. It is an open forum for you to ask questions and challenge your thinking about Owning Your Numbers. Click Here to Reserve a Seat. Tags: recession proofing your business, becoming lowest-cost producer, cost control, profitability, activity based costing, operations, IBGR, IBGR Network, William Eastman EPISODE 8: THE LCP PROCESS - PART 2 (support podcast)
IMPORTANT SUPPORT IS NOW AVAILABLE - Next Monday at 1PM EST is our CHALLENGE Session where we will review the previous Financial Shows. It is an open forum for you to ask questions and challenge your thinking about Owning Your Numbers. Click Here to Reserve a Seat. Tags: recession proofing your business, becoming lowest-cost producer, cost control, profitability, activity based costing, operations, IBGR, IBGR Network, William Eastman
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