9 Cost Reduction ideas which work like magic!

CFO’s have always used profitability as a key metric for the financial well-being of a business. Cost reduction is usually not an urgent concern during the growth phase of an organization, but during an economic downturn, it becomes unavoidable to explore cost reduction to sustain the blow. While it is a convenient and reliable way to increase short-term cash flow, cost reduction can also be a contributor to growth in the long run.

Whether it is technology, people or supply chain; selecting the cost reduction areas is always a critical decision. Leaders need to internalize the process to the point where it becomes a core belief within the company. It should complement the company’s profit-making ability, and not compete with it.

In this series of 9 proven instant cost reduction ideas, I’ll share some of my valuable secrets to identifying and implementing these techniques. Some of them may seem obvious, but you will be surprised at the places and situations that cost reduction opportunities can reveal themselves. I will help you create a focus on consistently paring away unnecessary expenses, optimizing processes, and increasing efficiency.

For the past 20 years, I have been working with hundreds of companies across industry verticals. I have been witnessing to a number of turbulent periods, and seen the rise and fall of economic health of many organizations. The ideas I have shared in this series are not merely theoretical concepts. These are tried and tested real-world solutions that have proven application and demonstrated value for innumerable companies. You can derive maximum value from each idea in this series by simply shifting perspective from “It is not relevant in our case” to “How can it be applied in the context of my company?”

You will also learn as to which situations are appropriate for this strategy, and how to effectively find savings that you can then invest back into your company, be it people, processes or technology.

I am super excited to reveal these amazing ideas to you.

Are you equally excited to receive these 9 proven instant cost reduction ideas?

Chandan Goyal is Co-founder of Blue Consulting Private Limited, an accounting and compliances outsourcing company. Chandan is also an Amazon Bestselling Author of book titled as "How to Manufacture Time?".

Watch out this space for a brand new proactive cost reduction idea on daily basis which you can apply instantly at your company and derive benefit.

#CFOs, #cost reduction, #cost optimisation