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In order to decrease the cost of production, the company can engage in better training of staff and offering incentives to staff.
The question is not complete so I will explain a bit on how to cut costs in a business.
One way to cut costs is to train the staff that produce goods and services better. They should be given knowledge on how to use resources efficiently and this would reduce wastage.
Staff can also be offered incentives for producing more goods and services with less resources which would reduce costs.
Reducing costs on its own adds value to a product because people would then be getting the same product, but for a cheaper price.
Find out more on cutting production costs at https://brainly.com/question/14300062
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