Tips to cut cost and increase productivity for Consumers and producers

Consumers:
In my opinion the most important thing that consumers or customers should do is learn how to allocate their money wisely. They should first and foremost know how to prioritize what they would like to purchase so they will be able properly decide what they should spend their money on. If they do not prioritize what they want to buy, money will be at risk of being spent on less important things. Another thing they could do is to have a budget. With a budget, it will help consumers closely moniter their money expenditure. Of course the budget has to be of a realistic range, it cannot be too big and it cannot be too small either. Budget's will ensure that consumers do not use up all the money that they have on a certain product and so they will have money to use for a whole range of products.

Producers:
For producers I have decided to take an example from my father. My father runs his own clinic in Gleneagles hospital here in Singapore. Right now, he has two nurses working for his clinic, he could afford to hire a third nurse but instead he just hires two nurses to save cost. For those two nurses, although they will work harder compared to a situation where there are three nurses, the nurses are still never worked at one hundred percent capacity, therefore efficiency is increased. Another way to save cost and increase productivity is when he has to purchase drugs from various drug companies, various drug companies will compete with each other to sell the drugs to the clinic, he simply buys the drugs which comes at the best selling price.