Five office cost cutting measures (without all of the blood) - Part 1
The secret to cutting business costs
We often get asked for "tips" on how a business can cut costs quickly and easily. What business owners are usually looking for is a silver bullet. The Answer. Unfortunately, it is a bit more complicated than that. I know, I know, everything is "more complicated than that".
The problem
Every company is very unique. Even a similar company in the same industry can have wildly different needs in any particular expense category. The Silver Bullet for one business might be a plain old Lead Bullet for another.
We decided to put together a 5 step plan any company can follow to save money. It isn't always easy, but it is the right way, the way you will save 20%, 30%, and maybe even more on common office costs. It is based on the same cost cutting methodology we use with our own clients.
For each category you are looking to cut costs on, you will need to follow the five steps below. If you do, you will start reducing office costs like a pro.
1. Pump up the team - Meet with your staff and the stakeholders to gain buy-in. Most important, name an independent Office Cost Cutting Team Captain to ensure an an impartial opinion.
2. Make up your mind already - Define your desired results and figure out what you need! A Needs Analysis is key to your success.
3. Hear no evil, see no evil? - What you don't know WILL hurt you. Be sure to take the time to do market research and determine who the key players are.
4. RFQ FAQ - Now you can start the bidding. Most companies start here and this mistake can cost you big. This process doesn't need to be complicated, but you do need to be clear on your needs, wants, and expectations.
5. Save the save - Check those invoices. Many times the "savings" never show up or they disappear without any warning. Also, make sure you have someone in charge of implementation. Sometimes poor implementation can cost you more than your expected savings!
In future posts on this blog we will dive into each one of these steps and give you more in depth information on how to cut business expenses significantly. Please subscribe by typing your email in the box at right.
Are you ready to outsource your business cost reduction to a pro? We can help there too. Start a free Savings Review and get glimpse of how much a cost reduction consultant can save your company. While we cut overhead costs by tens of thousands, you can focus on growing your business like the pro you are.
What has been your experience cutting overhead costs in your business?