The Impact of cost cutting strategies on financial performance of Fitwell Garment Pvt Ltd
- Author
- Kamutombiro, Kudzai A.
- Title
- The Impact of cost cutting strategies on financial performance of Fitwell Garment Pvt Ltd
- Abstract
- The study's goal is to investigate the influence of operational cost-cutting methods on financial performance. The Fitwell Garment Pvt Ltd case study was used to examine the impact of operational cost reduction methods employed, identifying the elements influencing the cost reduction strategies' successful implementation. The literature on cost reduction from diverse scientists and writers was studied in this study. To obtain data from the organization, the research employed questionnaires and interviews. The study targeted 55 Fitwell Garment members; a total of 55 questionnaires were issued to Fitwell Garment workers, 45 of which were returned, yielding an 81.8% response rate; and two out of three senior persons were interviewed, yielding a 66.67% response rate. Data was displayed in tables, pie charts, and bar graphs, and analysis was performed, leading to conclusions. Data analysis demonstrates that Fitwell Garment's cost-cutting strategies have had a long-term beneficial influence on financial performance, but that financial strain would deteriorate before improving in the short term. The researcher's recommendations included strengthening existing cost-cutting methods and continuing to deploy cost-cutting measures. Fitwell Garment should also create controls to guarantee adherence to all current cost control procedures and policies, budget development, and the implementation of incentives and rewards for fulfilling budgets, according to the study.
- Date
- June 2022
- Publisher
- BUSE
- Keywords
- Financial performance,
- Cost Cutting Strategies,
- Supervisor
- Mr. Masinire,
- Item sets
- Department of Accountancy
Part of The Impact of cost cutting strategies on financial performance of Fitwell Garment Pvt Ltd