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What is Your Cost Reduction Plan?

Last updated April 21, 2021

Do you have one?

When I worked at a FTSE Top 10 one of our 3 objectives was to reduce costs annually by 4%. Why 4%?

Who knows, but that was the number. But the point is, it was one of 3 corporate objectives and so it was always front of mind.

Anyone who runs a business knows how easy it is to let costs spiral especially when its your team spending your money. (I hope you still sign all the cheques!)

Whilst working with a client this week they now have a corporate goal to deliver 25% savings in production costs through efficiencies and waste reduction. Better still they have a plan to achieve those cost savings!

That’s a huge boost to their bottom line.

One great place to start is to reduce expenses, especially those you’ve been paying for a while. Here’s my headline cost control checklist:

  • Office costs
  • Property Costs
  • Component costs
  • Managed services
  • Logistics
  • Vehicle costs
  • Banking, finance & Insurance
  • Professional fees
  • Salaries and bonuses.

This is an easy way to identify cost reduction opportunities but why only do half a job?

Make sure it sits alongside a buy better strategy.

Both should form part of your cost reduction plan. But the one thing you can do today to make sure you’re getting the most from your spend is to personally approve every penny spent!

Did you read my More Money guide which focused on finding an extra £50K in your business?

shirley-mansfield-CoachSME
Shirley Mansfield
Master Business Problem Solver

When you’re ready here are four ways I can help you build your business:

1. Register for Business Owner Insights Newsletter for regular tips & news.

2. Follow me on Twitter / LinkedIn and let me know the business challenges keeping you awake at night that you want to solve. Click here to email. Connect with me, The Business Planning Coach on Facebook and Instagram

I host the Small Business Clinic on Clubhouse every Tuesday & Thursday at 8am. Drop in and ask me & my panel of experts a question.

3. Grab a copy of my book The Grown-Up Business (paperback and Kindle). Get the tools and inspiration you need to go to the next level of wealth.

4. Work with me on your growth business to overcome the blockages, hurdles & problems that are holding you back. Join the community, email me with Let’s Get Started in the subject line or book a 30 Discovery Meeting using Calendly

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~ Sam Carpenter Work The System


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