When looking to improve the financial performance in your organization, there are two main routes.
One is by enhancing value in some form to increase revenue. The other is to figure out ways to cut
costs. Frequently, organizations focus solely on increasing value and lose sight of what can be done
to cut costs. When reducing costs, your organization ends up with more money in their pocket, which
provides the same effect as increasing revenue.
Cutting costs is so valuable certain companies put a high priority on it through practices such as Six
Sigma. Six Sigma alone has reduced labor costs in the billions for large organizations such as Toyota,
General Electric, Cummins, IBM, and more. Cutting costs can be both obvious as well as not abundantly
Here is a list of ideas for cutting costs. Any organization should find a handful of ways to cut
expenses applying certain parts of the list. We encourage your decision makers not only to take
this into consideration but also share with employees. Having the ability to make suggestions
through DirectSuggest The Suggestion Box Reimagined on any device with the assurance they arrive
to the proper decision maker enables an avenue to find a multitude of ways to cut costs.
Check out this list below and share it throughout your organization.
Reduce Paper Use
Align Plan Costs With Usage
Use Space More Efficiently
Use High-Tech Alternatives To Legacy Systems
Buy (Gently) Used
Pay Invoices Early
Disincentivize Procrastination And Encourage Effective Time Management
Use Freelancers And Contract Labor For Non-Core Work
Reward Responsible Spending
Avoid Leverage And Interest Charges Wherever Possible
Understand And Control Your Location Costs
Join A Trade Association
Reduce Shipping Costs
Use Own-Brand Or Generic Brand Goods
Use Open Source And Cloud Computing
Sponsors For Events
Cut Down On Meetings
Hire Capable Employees With Little Work Experience
Review Your Operating Expenses
Short Duration Leases
Sharing Office Space
Use Price Comparison Websites
Cut Traditional Advertising In Favor Of Low-Cost Alternatives.
Riley Moore (https://www.linkedin.com/in/rileyrm4tech)
Riley Moore, the 24-year old CEO at RM4Tech, the one and only completely family-owned family-run software
company, has used his mix of technical and business influences to bring his creative vision to life.
With the development of RM4Tech’s first solution, DirectSuggest the Suggestion Box Reimagined, he has become a
fresh face in the world of engagement and innovation. RM4Tech has also just released CrowdQuestion, Q& A The
Right Way. His passion to empower individuals to use their creativity and voice to make a difference in the
world is what drives him.
Riley's love for podcasting, mixed with his unrelenting drive to inspire
individuals to change the world through passion and hard-work, encouraged the creation of
The Moore You Know
Podcast. He hopes to impact the world through entrepreneurship and podcasting like those who inspired him.
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