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Looking to Cut Costs?

LOOKING TO CUT COSTS?

The first question is usually, where do I start? “I need to save 10% of my overhead, but I can't see any service or staff member then I can do without”.

The answer is don't try to save 10% by cutting one overhead, try to save 10% of all of them! You then have to take a long hard look at each cost and decide exactly how "indispensable" each one is. These are difficult but not impossible decisions, a 10 point plan below may prove a useful starting point.

Cost-cutting need not be as painful as you think

Mobile: 07774 924 500

Email: colin@xbcltd.co.uk

Contact: Colin Barnes

XBC

Cut Costs

· Often difficult but never impossible

· Savings can be made in the most surprising places

· Can you see the wood for the trees?

· Independent, external reviews can often be more fruitful

Call 07774 924 500

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10 Point Cost Saving Plan (in no particular order!)

1. Go through the detail of your fixed costs every month. You will find things you don’t need - trust me you will.

2. Compare and get new quotes. Even if you need the service or product from your supplier, check others all the time, insurance, telephone, utilities, etc

3. Cash flow is king - Do credit control - get your money in - lower your bank overdraft cost and charges.

4. Get better payment terms. Ask to pay in 60 or 90 days, or get an early payment discount.

5. Keep your staffing level low. As much as it may hurt.

6. Can you outsource all non-core business activities? This will reduce your fix-cost structure, make your small business more flexible and you can react faster to an economic down-turn.

7. Consider buying second hand. Do you really need the brand new van? Or computer, or……

8. Focus on your core business and sales. Every distraction costs time and money, sales generates money.

9. Shoestring! Think before you spend a penny, could I borrow, hire or do it online, get creative.

10. Check your bank charges - you’ll be surprised. Or have it done on a results basis, doesn’t cost you time and gets you money back.