August 20, 2016

Spend a little to save a little

Sound management of a company involves deciding whether or not to spend money – and how much or how little to spend. Every single kyat spent must deliver a benefit, whether that be long term or short term. No one needs reminding that money shouldn’t be wasted. But so long as the need is genuine, chances are it’s worth spending what it takes to fulfill that need. Sometimes, the consequences for not spending money are costly of themselves.
Competition in this day and age is fierce and consumers will simply vote with their wallets and choose another company if they’re dissatisfied with the goods and service of a company that’s desperately trying to keep overheads low.
Another example are the garment firms who are dead against paying their workers more, so they refuse to do so and end up with a striking workforce that prevents them from meeting order delivery dates. It is also undeniable that a workforce that is poorly paid is less productive than a well-paid one because workers take low interest in their work. They are also pressured by their family needs and other work environment, too.
Hiring new staff and then subsequently training them is very costly – all measures should be taken to keep staff turnover to an absolute minimum. If that means spending a little more on workers, isn’t it worth your while? As the old saying goes, ‘Sometimes you have to spend a little to save a little.’


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