Innovated Ways to Corporate Management

Essay by mychelle21University, Bachelor'sA-, January 2007

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Eight guidelines can improve operational efficiency, and maintain profit margins. Managing operating costs without sacrificing corporate growth is one of the biggest challenges corporate managers face today, from big corporations to small family-owned businesses the question of how to juggle both limiting pricing options and maintaining profit margins is becoming harder to solve. The purpose of this paper is to incorporate eight strategic tactics for managing operational cost while continuing company growth from huge corporations to small family-owned companies

Effective strategies and management techniques are essential for company success. With tough competition within the global marketplace, companies' limits on pricing options are often threatening their profit margins. (Managing By Numbers, 2005) Here are eight guidelines for company success retrieved from the article Managing By Numbers: Set solid goals and track results; consider your company's financing options; tightening your purchasing and payable practices; reducing business travel costs; managing your legal expenses; considering partnership; improving on collecting and receivables; lastly, improve cash management systems.

According to Andre J. Sherman, a corporate attorney and strategic advisor at Dickstein Shapiro Morin & Oshinsky "There are two fatal mistakes a company can make in this current interest rate-sensitive environment, the first is to simply assume, 'Oh well it's just going to cost us more money to grow' The second is to say, 'We're going to need to put our growth objectives on hold' What you've got to do is find ways to be creative about controlling your cost while pursuing your growth strategies" (Managing By Numbers, 2005) In order for your company to compete with today's market, growth is essential. Whether a huge corporation or small business, staying competitive is the only path to success. This sometimes means taking risks. As an entrepreneur there are always risks, but those who take the bigger risks reap...