Cutting costs: maximizing results for greater cash flow
Updated: Jun 11, 2020
Do you have a company budget? Do you review that budget monthly versus actual expenses?
If so, this will give you a leg up on knowing what you spend each month. If not, work with your finance team to get one established. This will help you identify hidden costs and create an action plan for cost reductions. Now is the time to go through that budget and cut every unnecessary expense.
In addition to eliminating unnecessary discretionary spending and overhead, examine every aspect of your company processes for inefficiencies. Get lean!
When things are rolling, these opportunities often get overlooked because you are busy. But now is the time to get as lean as possible. If additional investment is needed, carefully review the ROI of these opportunities, and make sure that payback is in the very near term.
90-Day GAME PLAN for Cash Flow part2