ACB supports businesses to save 1% of operating costs to overcome challenges

Reducing operating costs by 1% not only contributes to ensuring business plans but also helps businesses have more budget for cultural building activities, improving human resource quality or simply reinvesting in business.

Due to the impact of the international market and internal problems, Vietnam's economy faced many difficulties in 2023. Data from the General Statistics Office showed that GDP growth index, PMI and many business development indexes were all low compared to previous years.

Faced with the above situation, the Government has issued many directives to synchronously implement policies, tasks, and solutions to remove difficulties for businesses and people. Thereby, economic growth has changed in a positive direction.

ACB supports businesses to save operating costs to overcome the challenge of 1

Businesses seek ways to reduce costs

In that context, most domestic small and medium enterprises are very sensitive to economic fluctuations and are trying to find ways to overcome challenges.

Mr. Quang Thang (Hanoi) - Owner of a garment company - said: The number of orders is still low even though it is in the peak period at the end of the year. Over-season inventory is forced to be reduced below cost price but is still difficult to sell when buyers are tightening their belts. Therefore, his business is forced to reduce operating costs from personnel management, optimizing production lines and cutting ineffective expenses.

“My company is fortunate to maintain the number of orders at the minimum capacity and can last until at least the end of the first quarter. However, input costs have increased by 8% compared to normal, so we need to balance all costs to keep output prices stable and retain customers," said Mr. Thang.

Sharing the same concern, Ms. Thu Hang (HCMC) - Owner of a technology retail company commented that since its establishment in 2015, her company has never faced such a difficult situation as it does now.

“It’s really difficult. People’s purchasing power has dropped sharply compared to the same period in previous years. Big companies are massively reducing prices, putting even more pressure on small stores like ours. We have to try very hard, cut operating costs to the maximum, negotiate lower prices for premises, etc., so that our company can maintain a minimum income for our employees. Now, just saving 1% on operating costs such as electricity, water, express delivery or bank fees is very valuable,” Ms. Hang shared.

Reduce costs while ensuring efficiency

According to a market research expert, most small and medium-sized enterprises are currently facing difficulties and have to tighten operating costs. Now, businesses must calculate how to keep work efficiency unchanged but operating costs must be reduced.

ACB supports businesses to save operating costs to overcome the challenge of 2

“If we cannot increase revenue, we must reduce expenses, or at least stabilize costs. Operating costs only need to be reduced by 1%, but in total, in one year, it will be a large amount of money. For small businesses, with annual sales of about 50 billion VND and operating costs of about 20%, if we save 1% of operating costs, the business can save 100 million VND each year. This amount of money can be used to increase benefits and organize a team building program for employees at the end of the year, the benefit is also quite significant,” he said.

Statistics from DNA Consulting last September showed that 1% is the average bank cost on the total annual revenue of businesses. With operating costs accounting for an average of 15 - 25% of the total revenue of businesses, in which bank costs account for at least 1% including fees such as joining fees, annual fees, domestic transfer fees, international payment fees, salary fees, counting fees, online balance confirmation fees, etc. At that time, choosing long-term cooperation with a bank is also carefully considered by business owners to make it more convenient to optimize the cash flow of the business.

Banks support businesses to optimize costs

By optimizing 1% of annual costs, business leaders will have more budget for cultural building activities, improving human resource quality or simply reinvesting in business.

"Cost optimization is not just about cutting costs, but also about increasing the benefits from short-term surplus cash flow in the account," said a business leader.

Understanding the difficult situation of businesses, in addition to the loan interest rate reduction program, many banks have also implemented free service packages to help reduce financial pressure for businesses, especially small and medium enterprises.

In particular, ACB has quickly deployed No Fee product packages to help businesses reduce costs by 1%, while also providing other powerful support tools on the bank's comprehensive ecosystem.

ACB supports businesses to save operating costs to overcome the challenge of 3 forms.

In addition, this bank also provides many consultations to optimize business activities. For example, solutions to optimize the sales process from receiving orders - issuing invoices - delivering goods to collecting money. The core purpose is to collect money quickly, flexibly collect and spend, thereby adjusting the import and export situation, quickly responding to market changes.

Overall, almost all financial transactions that businesses need are free of charge at ACB, 1% of optimal costs are converted to activities that increase the financial health of businesses, strengthen production and business, and support revenue assurance.

The difficulties of the consumer market have forced businesses to restructure their operating processes once again. However, cutting costs in a business is not simply a matter of "tightening the belt" during difficult times, or increasing profits in the short term, but rather having an overall strategy for sustainable development, enhancing the real competitiveness of the business.

Businesses are exempted from 9 types of fees when using the ACB 0 transaction fee package on ACB ONE Biz: joining fee, annual fee, domestic transfer fee, salary payment fee/batch transfer fee, registration fee and use of ACB Safekey (basic and advanced), fee for receiving international payment transaction information, counting fee, balance confirmation fee, registration fee for additional authentication methods. Using ACB's Business Debit Card, businesses will be refunded 120 million/year.

To learn more about the program, customers please visit the website acb.com.vn or go to the nearest ACB Branch/Transaction Office or Contact Center 24/7: 028 38 247 247.

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