For cost reduction it is a precondition that all cost items should be clearly known, enlisted and arranged in order of priority and importance. The expenses may be categorised into major and minor and also essentials and non-essentials. These may also be classified into financial (deposit, borrowing etc.) and non-financial (salary, training etc.) expenses. The cost estimates in the budget should be based on the evaluation of strategic options for each of the items and identification of steps which will immediately reduce costs. There may be brainstorming sessions on cost cutting initiatives. Most ofl these can be successfully implemented by using the i Focus Technologies developed computerized software which are highly user friendly.
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