A Guide For Any Company To Cut Costs And Reduce Inefficiencies In 2020

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Riley Moore
CEO of RM4Tech & Co-Creator of DirectSuggest

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 clear.

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.

1. Reduce Paper Use
2. Align Plan Costs With Usage
3. Encourage Telecommuting
4. Use Space More Efficiently
5. Use High-Tech Alternatives To Legacy Systems
6. Buy (Gently) Used
7. Pay Invoices Early
8. Disincentivize Procrastination And Encourage Effective Time Management
9. Use Freelancers And Contract Labor For Non-Core Work
10. Reward Responsible Spending
11. Avoid Leverage And Interest Charges Wherever Possible
12. Understand And Control Your Location Costs
13. Join A Trade Association
14. Hire Interns
15. Reduce Shipping Costs
16. Download Forms
17. Use Own-Brand Or Generic Brand Goods
18. Use Open Source And Cloud Computing
19. Sponsors For Events
20. Cut Down On Meetings
21. Hire Capable Employees With Little Work Experience
22. Review Your Operating Expenses
23. Minimize Inventory
24. Short Duration Leases
25. Sharing Office Space
26. Use Price Comparison Websites
27. Cut Traditional Advertising In Favor Of Low-Cost Alternatives.
28. Cut Extraneous Employee Expenses, Not Employees
29. Cut Down On Maintenance

Is your organization looking for an affordable and easy-to-use solution to capture employee suggestions? DirectSuggest, the suggestion box reimagined, connects your decision makers directly to your employees and makes it simple for an employee to make suggestions with the assurance that they arrive where needed. For more information please click here.

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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.