S2 E3: CRASH: R is for Reducing Costs

Join me to explore the second letter of our CRASH acronym: R stands for Reducing Costs, but is it as simple as it sounds? Partial Transcript of episode: So this week, we're actually talking about R in the acronym Crash for Reducing Costs. It's actually critical because whenever you can reduce an expense in the business, basically it goes straight to the bottom line. It increases your profit. It's a fantastic way to immediately increase profitability in any business. And if you've got a business and you are wanting to become wealthy, it's really crucial that you follow these steps.  There's so much more than I do working with clients. We've got a, whole different arena of areas. But ultimately, if you want to become more profitable, when you become more profitable, then you can invest in systems that allows scale, et cetera, et cetera. So, it's a wonderful way as a business owner for you to, grow your business simply by cutting costs.  Okay, so what do I mean by that? Well, if you're going to reduce costs, proper allocation of your cash is just half of the equation. To be fully prepared for a crash, you also need to be able to significantly cut your expenses. Okay? This isn't about being cheap for the sake of being cheap. Be wary of minimizing cost to the point it negatively impacts your brand. Okay? What I will say is spending less should not equal doing less. So do not cut cost to the point where you start devaluing your brand and restraining your ability to deliver your full and remarkable solution for your clients. What you need to do is have a very thorough understanding of every expense involved in running your business. From there, you can identify which of these expenses can be reduced or even eliminated altogether. And to do that, you just need a simple three step process. First, identify hotspots. Second, prioritize which ones to make cuts to. And number three, incentivize the cuts. As ever, please get in touch on [email protected]