Monitoring the impact of loss-making operations involves identifying the root cause of the losses and implementing strategies to mitigate their negative effects and improve performance of the overall business.
Actions to Achieve the Strategy
- Implement timely financial reporting and budget variance reports for the whole company and Strategic Business Units (SBUs) separately to monitor performance and take timely action
- Improve expense monitoring of in-house projects
- Develop an annual procurement plan in line with the budget
- Improve the implementation and monitoring of risk management plan
- Develop a robust legal strategy with thorough assessments, expert counsel, and strong documentation to boost litigation success rates
- Prepare a detailed report on utility expenses, including insights and recommendations
- Conduct regular process audits
- Business diversification is a growth strategy to expand company operations by adding new products, services and entering new markets. This can help mitigate risks, tap into new revenue streams, and leverage existing capabilities to create competitive advantages.