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Cost Control “Lean, Mean Business Machine” on Mike and Blaine
Manage episode 430583965 series 2969492
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When we talk about cutting expenses, we often use the phrase “trimming the fat.” True, cutting operating expenses is one way to make more money in a business, but there is an art to when, where, and why a cost is eliminated. Stop losing money and hindering your growth. Join Mike & Blaine as they talk about cutting costs in your business and streamlining an operation in this week’s episode.
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Show Notes
In this episode, Mike and Blaine discuss the importance of cutting costs in business. They highlight the four ways to make more money in a company: increasing sales, cutting cost of goods sold, increasing prices, and cutting expenses.
They emphasize the need to be strategic when cutting costs and not to touch expenses that drive revenue. They also share personal stories and examples to illustrate the impact of cutting the wrong expenses. The episode concludes with a mention of Dryrun, a software that helps businesses forecast cash flow and model scenarios. In this conversation, Mike and Blaine discuss the difficult decisions business owners face when cutting costs and reducing expenses.
They reflect on their own experiences and the challenges of letting go of employees. They emphasize the importance of considering the impact on the business's survival and the need to focus on revenue-generating activities.
They also discuss the significance of staying resilient and hanging on for the potential turning point that could change the fortunes of the business. The conversation concludes with a reminder to carefully evaluate expenses and make strategic decisions to drive revenue.
Takeaways
- There are four ways to make more money in a company: increasing sales, cutting cost of goods sold, increasing prices, and cutting expenses.
- When cutting costs, be strategic and avoid touching expenses that drive revenue.
- Cutting the wrong expenses can have a negative impact on revenue and customer experience.
- Consider using software like Dryrun to forecast cash flow and model scenarios in order to make informed decisions about cost cutting. Cutting costs should focus on expenses that do not drive revenue
- Consider the impact on the business's survival when making difficult decisions
- Stay resilient and hang on for potential turning points
- Evaluate expenses strategically to drive revenue
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