Cost Reduction

Every organisation’s intention in today’s competitive environment is to improve performance. One of the manageable ways of doing this is by reducing costs, but although this is quite a known idea and found written on many business and financial plans, it is much more difficult than to practice it.

This session is intended to bring to the attention of the attendees various practices and approaches of how cost reduction can be implemented hence improve the desired performance.

Some of these practices include:

• Appropriate budget preparation including ZBB & ABC methodologies;
• Implementing the budgetary control system;
• How managing working capital helps in reducing costs;
• Monitoring of project appraisal systems to monitor project costs / progress;
• Adopting lean management, TQM & CI practices;
• Putting in place good HRM practices to manage cost reductions;
• Ensuring that identified measures are implemented and put to action.

The Speaker

Stephen Fenech main areas of business are management, finance and sustainable energy. Stephen holds a Henley Master of Business Administration and a Master of Science in Sustainable Energy from the University of Malta. Stephen began his working career in 1992 in Finance as a group financial controller for a number of leading local companies and foreign owned companies. These companies operated in various sectors such as construction, manufacturing, tourism, service providers and retail. Following this experience Stephen decided to move to management and after graduating from Henley UK in 2006 he moved to organisational management for a local cruise company. Later he joined a leading renewable energy company in the post of a GM. This was at the time when this industry started to grow at a very fast rate. Stephen furthered his expertise by completing an MSc in sustainable energy in 2013. Currently Stephen is an independent consultant working in the field of management, business and renewables. He is also lecturing up to Masters level for 3 reputable management schools in subjects such as Finance, Economics, Business Mathematics, Marketing and Project Management. He is also a member of the Malta Institute of Management, Chamber of Engineers, Malta Energy Efficiency and Renewable Energies Association (M.E.E.R.E.A.) and Henley Alumni.