Every month bills come in, are hopefully reviewed, and then paid –
many without question. Some vendors are paid more quickly than others,
but financial obligations are met and the business carries on. It has been our experience that most companies do not regularly review their expendituresthat costs money
– lots and lots of hard earned dollars. Sovereign has saved its clients
thousands of dollars. Our Cost Reduction Solutions use many tools to identify and expose those areas of your business that could be bleeding money unnoticeably. Saving money is a corporate responsibility. Therefore it must be engrained in the organizational culture. Adopting an ‘every penny counts’ attitude from the top down creates prudent fiscal management.
What are some of the Sovereign Cost Reduction Tools? – and
P & L Review: Question Every Expense. For example, do you know…
- …where and how much of your money is going to each line item on your ledger?
- …how much is going to energy consumables?
- …what your telecommunication costs are for lines and cell phones?
Recently
Sovereign saved an organization $22,000 in payroll services annually;
$18,000 in fuel annually; reduced its telephony costs by 35% and more.
We can and will do the same for you!
Vendor Analysis: Actively Pursue Best Pricing
We all have our favorite vendors. Have you challenged their pricing lately? Many people get into a comfort zone with their vendors. Don’t let that become a challenge for you.
Creating
relationships so that you are always on your vendor’s radar scope for
best customer discounts is one thing – and a good thing to foster, but complacency or familiarity can breed unnecessary expenditures and WASTE company money! OPEX has relationships with various vendors in many industries:
hardware, furniture and office supplies to name a few. Relationship
management has always fostered the best pricing practices. We have saved our clients thousands of dollars by implementing a 3
vendor philosophy; any expense over a certain dollar value must be
quoted by 3 vendors or it is not even considered.Keep your vendors working for you; be on your toes and don’t ever get passive; vendor management is an active process – be active, in tune and save money.
Employees: They want praise not a raise!
Recognize your employees. Write a personal note thanking them for going
the extra mile. It costs you NOTHING but gives you everything – an employee will work harder to make you money if s/he is praised for contributing.
- Do you have your ‘A’ Team helping you run your business?
- Are you settling for ‘B’ or ‘C’ players? Why?
An ‘A’ team player will reduce your daily burden and allow you to concentrate on growing your business, maintaining client relationships and save you money.
How would it feel if your employees
told you how to save the organization money?
Really good.
Why not save money by creating an incentive program in your company? Remember, if it saves you money, you can reinvest a portion of the savings on an incentive package. Praise is important and required but a show of good faith with a monetary investment now and then goes a long way.
Sovereign has assisted companies with culture change and accepting new,
improved ways of doing things. Helping organizations instill an ‘every
penny counts’ philosophy coupled with recognition and incentive
programs is worth its weight in gold.
When an employee sees his/her picture on the front of your office
explaining how George/Theresa saved the company $12,000 annually by
implementing a change in the business system, other employees will
follow; thereby fostering in-house creativity.
Start saving money right now.
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