Article Summary Developing a Cost Management Strategy

ArticleSummary: Developinga Cost Management StrategyNameAffiliationDateThearticle Developinga Cost Management Strategyby Sue Tabbitt looks at the appropriate way one can use to manage thefunds in an organization. Tabbitt reveals how nearly 70% of theorganizations even lack a cost management strategy, yet it is animportant part of the organization. Besides that, she reveals thatnearly 2% of organizations even fail to monitor the expenditureswhile 50% of some small business start-ups often fail in the firsttwo years because of the inappropriate cost management strategy. Allin all, it is evident that cost management strategy helps in makingthe organization manage its expenses and monitor the dailyexpenditures. Tabbitt asserts that in the absence of a better costmanagement strategy, the chances of a business organizationsucceeding will be very minimal instead.Thearticle goes further to talk about the need to review theorganizational costs regularly to note any underestimate and evenover-expenditure scenarios. She suggests the cloud accountancy asbeing one of the best approaches that will give the management asnapshot of how the funds are being spent and the activities that areconsuming more or fewer funds. It also asserts on the need to setaside some funds that are critical in planning for some unforeseenplans that might occur later in the business. Apart from that, thereis the need to consult some experts that have vast knowledge on howto plan the funds and deal with the expenses to reduce anyinconvenience that the organization might experience in the absenceof a cost management strategy. Lastly, investing in some equipmentand property also helps in avoiding any misappropriation of the fundsthat belong to the organization.ReferencesTabbitt,S. (2016). Developing a cost management strategy. Retrieved on 23rdJune 2016, from:http://www.theguardian.com/cass-partner-zone/2016/may/20/developing-a-cost-management-strategy