What if what you thought to be true was not. Would you want to know? If so, when would you want to know?
Ideally, the title to this article caused you to pause and consider the concept. What happens when you don’t know what you don’t know? You might be overpaying.
And there are a lot of ways you may be overpaying. Cost reduction and profit-improvement companies start with the powerful tool of benchmarking. Given our work, we have market knowledge of what others are paying with the same vendor or what other vendors are offering; saving you time before we save you money.
It would be like shopping for where to get the best priced groceries in your area. As a single family, you would have to go in-person to see the everyday prices, then check all the ads and coupons. That’s quite a bit of time and energy, but cost reduction companies have already done all this work and are familiar with the prices and savings. On top of which we would point out that there are extra savings from a store’s app.
Here are two examples of profit improvement programs that our team implemented:
- A logistics company engaged us to review a handful of expense categories, including forklift propane. During our discovery phase, we uncovered two crucial areas that would result in significant cost savings. The first, their CPA firm overlooked a credit that was available on forklift propane. Once corrected, our process resulted in significant savings. The second was the actual price for forklift propane. Our work in this area will save them almost six figures annually. Combined, our client will enjoy more than $500,000 in profit improvements.
- A physician practice group used a laundry service to launder their lab coats, patient gowns and facility linens. The prices and components of their vendor invoice were ripe with opportunity. We corrected these, and this client is now realizing a consistent savings of 48% each month.
Here is something else you may not know: Silverback has no fee unless we find you savings, which makes it risk free.
So, what happens when you don’t know what you don’t know? You hire experts. If you are interested in hiring experts to find you savings, please reach out to Silverback.