How to lower your company costs long-term

29th June 2022

Recently, we sent our team on a First Aid course.

The majority of providers charged around £140 per person. But after a search, we found one reputable company that charged half that.

Not only was it cheaper, but they came to us so we didn’t have to pay travel costs, the training was more intense, and the certificate lasted for longer.

So overall, it was much better value for our money.

Now, perhaps you’re questioning why we bothered looking for another provider, given that the costs involved weren’t huge.

That’s simply the mentality we’ve instilled in our business.

We always look around to see whether we can do better on price.

Every cost is questioned - we don’t take any quote at face value.

And when I say “we”, I really do mean my entire team - not just me!

Price-sensitivity is part of our company culture. It’s come about because I consistently show it’s a priority for me, and so do the rest of our leadership team. The attitude has filtered through to everyone.

This is key to keeping your costs low long-term.

Too often, I see companies going through dramatic cost-cutting exercises. But a few months or years later, their costs creep up again. Gartner research shows that after 3 years, just 11% of companies typically maintain their cost savings.

The gains simply aren’t sustainable unless everyone, at every level of your company, changes their behaviour.

When we manage your company’s finances, we can help make that happen.

Because we process all your invoices and transactions, we’ll question unusual bills or expenses that seem too high as a matter of routine.

In time, your team will absorb this attitude and start adopting it for themselves, instinctively controlling costs at the ground level.

But it’s not just about good attitudes. We’ll also help you install systems to control costs -

For example, approving expense claims in advance...

Approving purchase orders when there’s still time to stop them if they’re inappropriate...

Ensuring that larger payments are approved by more than one person, to limit mistakes and fraud...

...And more.

These systems are a basic part of good financial management, and underpin any effort to control expenses long-term.

Not only do they ensure that every expense is systematically monitored but they also send a message to your team: In this office, we take cost control very seriously.

If that’s the kind of financial management you’d like for your company, get in touch today.

Simply hit ‘reply’ to this email or call us on 01279 647 447 to arrange a no-obligation chat. I’ll get back to you right away!

Warmly,

Garry

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