Lean & Profitable

The trick to achieving tangible cost savings is to actively define your targets and commit to executing the appropriate tasks required to achieve the savings. Each initiative should be written down on paper, each task should have an assigned responsibility, and always make frequent progress status checks can create great results.

Follow these steps to develop a company cost savings initiative with your CFO and management team.
Create and hand out a template to each department head and schedule a department head meeting to discuss their recommendations.
Document the specific cost savings initiatives and assign responsibility to each task.
Include the following in a spreadsheet template starting with recording the current monthly expenses being incurred, project the savings you can achieve, determine whether the savings is or can be ongoing, project the annual savings opportunity, establish a completion date, determine the manager responsible for driving each initiative, if you don’t want higher taxes report, have a comment section for future status meetings, and finally schedule regular status meetings to monitor progress of each task and continue to encourage the entire management team to help each other in these initiatives.
Any company can benefit by having an ongoing cost savings initiative program. If you have a senior manager driving the process and all managers buy in to the potential your results will be better.

Harvard Business Publication Suggests:
1. Know your employees’ priorities. Don’t wait for review time. Regularly ask your employees what they care most about. As a manager, you need to know what drives them.
2. Communicate company priorities. Tell employees what the company needs to achieve in the next week, month, and year. Be clear and consistent, and do this often.
3. Align interests to responsibilities. Now that both agendas are clear, try as much as possible to channel employees’ interests into relevant company priorities.