November 11, 2022
Asana

Take control of your finances with Asana

What if the business turns out to be less profitable than you expect?

Of course, you can increase prices, or the number of clients/work volume. But this is not the easiest possible way. In addition, this method entails new, additional costs.

The effective solution to making more money is to reduce expenses. And it is not about agreeing on more favorable terms with partners to reduce business expenses. It is about constantly monitoring spending and thus increasing labor productivity. 

How does it work? It works as a system that you implement in your business to monitor all sources of untargeted financial outflows and react immediately, keeping money in the company's budget. Right now, after reading this article, you can get and implement some tips to reduce expenses in your business today.

[inline illustration] techniques for cost control (infographic)

Advice 1. Create a resource management plan.

You can find ready resource management plan template on our website asana.com. Such a plan allows you to control costs during the execution of work and track any deviations from the planned project budget. To reduce expenses and save money with the help of a resource management plan, you need to include such data as: 

  • Number of performers involved in work on the project.
  • Base of necessary materials.
  • The amount of time required to complete the entire scope of work.

Laying out all this data to increase profitability, it is worth taking into account contingencies that may arise in the process, and allocate additional resources for them.

Advice 2. Take costs under control.

In this case, the cost control should take place in real-time in order to make it possible to keep money in the company. For this, there are techniques for cost control: calculation and establishment of "milestones", i.e. stages of project implementation that demonstrate a specific result or progress. With these points, you always know the project timeline, and the team has a clear view of ​​​​the result of its work. This, in turn, makes it possible to notice cost variances of work from the planned indicators in time and to adjust the process.

Advice 3. Control changes.

During the work, stakeholders may initiate some changes to the project that affect deliverables and turnaround time. In the process of quality project management, it is important to respond to these changes in time and allocate resources needed for their implementation. These new inputs are reasonably included in the plan budget.

Advice 4. Manage time.

The actual cost of work will change if the time of its completion changes. Therefore, for effective cost management, it is necessary to establish clear timeframes at each stage of project implementation and monitor their compliance by the executors. This will significantly reduce project risks and increase labor efficiency. 

Advice 5. Track profit.

The actual cost of the work performed is not always the planned value. It can be detected by calculating the actual cost of work at each execution stage and comparing it with those indicators included in the project budget from the beginning. 

It may seem that the accounting and analysis of profit and the direction of its distribution are complicated and time-consuming. But any complex process can be automated and converted into a convenient format. The Asana platform allows you to track earned value and use it as simply, quickly, and efficiently as possible: simply enter data and track changes at any convenient moment

If you want to try Asana for your company – just ask for a free consultation with Partnerway. We will contact you quickly and answer all your questions.

And with Partnerway, you can also get a free 14-day trial! Therefore, you have no risk – try Asana for your company to test all the functionality in practice.

We'll help with setup and integration, and if you like Asana during the trial period, you'll get a personal discount on the paid plan.

To order the solution, leave a request
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Harju maakond, Tallinn, Kesklinna linnaosa, Tornimäe tn  5, 10145