Cut business costs! Expense reduction consultants share tips

Expense Reduction: Key to a More Successful 2017

Where do you want your business to be by the end of 2016 – and then in 2017? If you’re struggling to answer the question, you may need to step back and assess your company’s present position. That’s because, to map out a route to your preferred destination, you must first understand exactly where you are today.

The Business Development Bank of Canada lists the first two steps of the process this way: make a plan and then track expenses diligently. “You have to understand your historic costs before planning for the future. This requires gathering data in an effective and efficient way,” the article reads, adding that cost-tracking can’t be an afterthought; it needs to be an “integral part of your ongoing operations.”

Other tips from the article include:

    • Benchmark against your industry. If you discover that you’re paying more than what’s typical in an expense category, do a deep dive to find out why. How can you reduce that expense to what’s typical in your industry?
    • Consider both fixed and variable costs. Whenever possible, put out a request for proposal (RFP) and compare two to three quotes to test the market. Even if you don’t change suppliers, as one example, you’re sending out a message that you watch costs. (Note: Fortune Consulting offers RFP support services!)

You can read the article for even more expense reduction ideas.

Expense Reduction Consultants

Although no one knows your business like you do, feedback from someone outside the business can help you to target cost-cutting opportunities for a healthier bottom line.

With 20 years of experience in telecom expense management, Fortune Consulting also serves as expense reduction consultants in other areas. For example, we can provide specialized auditing for utility bills, waste management costs, credit card service costs, and workers compensation.

What would you think about a tax savings funded plan that would add more dollars to your bottom line while helping your employees garner real savings on out of pocket medical expenses?  Come and talk with us about employee benefits consulting opportunities, including this zero-cost plan (that is zero cost for you AND your employees), which can save an average family of four up to 75% of their medical costs.

At Fortune Consulting, we put our unique skill set to work for you to deliver optimal outcomes. Ready to get started? Contact us online for a free consultation with expense reduction consultants or call 888-692-5111 today.