Answer to Question #172618 in Management for Jessica Jessica

Question

As an office manager what will u do to ensure value for money in office

Answer 1

As an office manager, I will ensure the value of money by imposing the following strategies;

1. Cost reduction strategy

The main financial objective of a company is to gain profits on the return of capital investment. As a manager, I will be aware of the cost and how to lower the expense. I will also use effective cost analysis to identify and eliminate waste and re-negotiate the price if necessary.

2. Collaboration on cost reductions

Combined initiate to lower the cost of another vital technique I will put across as a manager to achieve value for money. However, I will ensure that the cost is lowered right from the supply chain management while maintaining and improving manufacturing quality. Nevertheless, I will ensure that there is a high level of trust between my procurement team and the company so as a supplier to task friendly about their cost structures and our company will gain several benefits.

3.payment and warranty terms.

Buyers should teamwork with the financial team to fulfill the expected date term in any contract. As a manager, the payment terms will not limit me from negotiating for extended payment durations as the capital earn my company more interest on deposits or reduce the overdraft income.

Additionally, warrant terms are another area I will consider so that the products should have warrant terms on delivery time for the company to be compensated in case of product failure.

5. Trade-off

The value of capital has been established as an optimal combination of whole life cost and quality necessary to fulfill consumers' needs and preferences. however, the constant interchange between the cost objective quality and delivery objectives will ensure the expenditure and values are not similar.