Elimination & Reduction of Services are not the only Tools for Cost-Reduction
I recently read about Elon Musk’s declaration of cutting spending at Tesla and it got me to think about how cost-reduction is often thought as elimination or reduction of purchases or services. While I am not suggesting that Tesla is not in need of aggressive reduction or elimination, we can all agree that layoffs and […]
When You are Growing, It’s the Time for Cost Reduction
Growing or acquiring a new firm is an exciting time for a business, but it is also a time when you may absorb costs you do not have to. Cost reduction does take time to benchmark and compare vendors, but during a busy, exciting time, you may not have the time and push cost-reduction off […]
All this Rain in the Midwest, Preparing for the Effects Downstream
I recently heard a comedian talk about being stuck on a flight from Chicago to Fort Wayne and being bored to tears over all the passengers talking about all the rain the Midwest is getting and how behind schedule farmers are due to the rain. No matter how boring it is, the issue is very […]
For Longstanding CFOs – Getting Fresh Eyes to Remain Relevant & Cutting Edge
“Everyone likes to joke around about the traditional CFO who sits in their office with their green shade, a pocket protector that says no to everything,” she said. “But it is such a different position today. … It’s a position that requires strategic thinking, creative decision-making and the ability to look past just debits and […]
Using Cost Savings to Enhance Company Appeal for Talent Acquisition
The rate of unemployment in May 2019 in the United States was 3.6%, according to the Bureau of Labor Statistics. In other words, in this tight labor market, companies have to work to find benefits and perks to attract and keep talent. When I went about researching for this post, I found two different opinions: […]
How to Protect Your Business from the Oncoming Recession (Part 2)
In part 1 of this series, we discussed the warning signs that have experts expecting a recession by 2020. Rather than waiting until disaster strikes, it’s best to get out ahead of the oncoming downturn. Here’s how you can recession-proof your company before it’s too late. Review Operational Practices Get proactive about monitoring non-payroll expenditures. […]
What an Oncoming Recession Means for Your Business (Part 1)
Economic downturns are inevitable. The second the storm clouds roll in, most businesses start cutting expenses. While this is an understandable response, reactionary cost cutting initiatives can often be aggressive and leave organizations in even more financial trouble. That’s because reactive cost reduction is rarely strategic. During hard times, business leaders aren’t going to spend […]
Top 5 Must-Dos for Price Checking Your Vendors
As a department head, a business owner, or a property manager, combing through monthly invoices to make sure you’re not overpaying vendors likely doesn’t rank high on your list of priorities. With everything else there is to do day in and day out, there’s rarely time to check up on payments that should be status […]
How to know if you’re overpaying your vendors (and what to do about it if you are)
When your work week gets busy, you have deadlines, and the stakes are high, it’s easy for vendor relations to fall low on the priority list. But don’t let it. Looking for red flags could save you a lot of money. Here are a few tips on what to look for and what to do […]
6 Myths You Likely Believe About Working with Expense Reduction Specialists
When you think about working with a consultant to cut costs, what do you picture? You may be imagining all the ways it will add to your (or your team’s) to do list. It may sound like a huge undertaking, and an expensive one at that. Or perhaps, it sounds redundant, as your internal team […]