BRX Pro Tip: 3 Ways to Cut Costs
Stone Payton: And we’re back with Business RadioX Pro Tips, Stone Payton and Lee Kantor here with you. Lee, I recognize that cost cutting is not a first move for the leadership team at Business RadioX. But when you do decide to take a look at cutting cost, where do you set your sights? What are some areas where you do look to maybe try to cut some costs?
Lee Kantor: I think it’s important to keep an eye on all of your expenses, and especially in today’s world where there’s so much new technology that can really help when it comes to automation. So, you have to kind of be diligent when it comes to your expenses.
Lee Kantor: And some ways that you can cut some expenses without sacrificing quality or growth, some of the ways are obvious, some of them not so obvious. Number one, instead of hiring full-time staff for certain roles, you can outsource certain tasks to freelancers or agencies. This will give you access to high level expertise, but usually at a less cost, and it allows your core team to focus on the most high impact work, the stuff that can’t be delegated.
Lee Kantor: Number two, automate repetitive tasks with tasks with technology. There’s so much stuff nowadays cloud-based accounting, CRM systems, AI, power tools, all of this stuff, if you use it wisely, can save you time and reduce labor costs. It can also streamline your operations and it can minimize a lot of manual errors.
Lee Kantor: And number three is don’t accept that first price from vendors or suppliers. I mean negotiate, negotiate, negotiate. When you regularly negotiate for better rates and terms, you’ll see that a lot of vendors are open to this type of negotiation because they want to keep you as a client, and you might have to adjust the services a little bit, but it could be a win-win for both of you.
Lee Kantor: So, regularly audit your expenses to spot any kind of waste or this kind of expense creep that happens, and where you can identify some new savings opportunities. There’s a lot of analytical tools out there that track spending and help you make informed decisions about where to cut.
