A company's profit (loss) is calculated as a difference between Total Revenue and Total Cost. So, if Total Revenue is smaller than Total Cost, the company is facing a loss. Assuming that Total Revenue is fixed (no way to increase it), so the company could improve its financial situation only by cutting the cost of the production. Consider two different companies: a small manufacturing firm and a small consulting firm. For each company, name three major steps they should take to cut the cost of the production. Tips: one step will be identical for both companies, but other steps would work for the manufacturing firm but would not work for the IT firm, and otherwise. You post should include 2 paragraphs: 1.The manufacturing firm: steps 1, 2, 3 2.The consulting firm: steps 1,2,3