Change is difficult, completing projects on time and within budget can be even more challenging and can soon become infeasible and placed on the to-do list that you never seem to get to. They often require a detailed plan and unknown resources to begin, you need to be able to adapt areas of your business in order to have a successful outcome.
We’re always thinking about the customer and looking for ways to serve them better, however, you can get to a point where you don’t even know where to start or if it’s the right decision.
What is that project you wish you could do but did not have the resources to pursue?
Finding the capital required to fund your much-needed change projects in some cases can be surprisingly identified internally. For example, you may need an analysis of the internal operations of your business such as vendors like your credit card processor or FedEx/UPS which can often be an overspend for organizations without even noticing its cost. Quite often leaders may assume that their vendors have provided non-negotiable price structures or set basis points for their services, when in fact, those fees can be negotiated. In many cases, almost instant cost savings can be generated without needing to downsize or even change your providers.
The entire cost savings process should be non-disruptive, where all service categories within a company are analyzed and savings in shipping/logistics, merchant fees, utilities and insurance can be reviewed and negotiated. Common examples like eCommerce, retail and food establishments that accept credit cards and use small parcel or heavy freight shipping can benefit from cost-cutting measures, but even companies like law firms can benefit as they would tend to use a shipping provider to send and receive high volumes of paperwork.
By bringing in an expert to negotiate, businesses can potentially unlock surplus equity through savings that can be utilized toward the next project.
Most companies can benefit from cost savings initiatives regardless of their industry, size or geolocation and unlock savings you may not have otherwise thought was possible. Another element of successful business and critical to achieving success is nurturing and fostering long-lasting, trustworthy, and transparent relationships with your key stakeholders. Especially your service category providers such as your logistics providers and financial institutions all of whom are charging expenses on a transaction basis. Grow these relationships and foster constant negotiation and you may surprise yourself by the savings that can be generated or easily non-identified.
For example, an apparel company who has perceived that their shipping provider has provided the most attractive price points per transaction may not even think to question if their fees are even negotiable. The benefit of working with a professional is that they will conduct an analysis and can negotiate to identify cost savings of sometimes as much as $500,000.
Imagine if you had an additional $500,000 in equity to reinvest in a much-needed project that could continue to drive business growth?
We focus on the technology, process, and people areas of your business, and collaborate with the appropriate specialist who focuses on other aspects of your organization to cut costs and review vendors to help your businesses grow.
There are simple steps you can take as a business owner to achieve cost savings success, but you must first look at the costs of doing business and be willing to challenge assumptions.
By analyzing your service category expenses regularly and initiate continuous negotiation and conversations with your vendors, you may be surprised by the results. There are many reasons why business leaders and owners of all sizes can learn and gain some value from reducing transactional expenses.
You don’t have to disrupt your business operations to save money.
Since the global pandemic, we are making a positive impact on companies of diverse sizes, more people are having conversations with us about addressing the internal challenges that are just no longer working. We are here to help you prepare for the new normal as we emerge from the pandemic.
We are in the weeds with your technology, people, and processes, we do not usually offer financial oversight and will look for errors if it does not necessarily make sense, we will solve the problems in your business with you. There is always an area for continuous improvement, we might be able to save expenses and help you. We become your trusted partners and advisors and will bring these daily costs to the forefront of leaders’ minds, which can add up to significant savings and positive outcomes for your organization.
Does this sound like you? Reach out to us for an obligation-free conversation.
About the Authors:
Cornerstone Paradigm Consulting, LLC an industry-agnostic business operation consulting firm whose mission is to transform the way you do business.
ProfiTrust provides a risk-free vendor service audit and costs savings implementations so that organizations have total confidence they are paying the best possible price. The results are Profit you can Trust.