04 Jun Cut Cost Every Day
One day while I was sitting next to the COO of a large auto group in Central Florida, the owner sent him a text with a single acronym that read, “CCED” which stands for cut costs every day. The COO mentioned to me that he receives this text every single day.
Now this isn’t just the responsibility of COOs, this is a goal that applies to every single person in an the company. How do you cut costs everyday? What if you’ve cut everything that is already an obvious waste? Do you just start firing people or eliminating vendors? Some people and vendors are critical to the success of your company. Here is one key tip to trimming some fat for your group.
Are D?nuts Killing Your Company
The tip is not a weight loss pill, a gym membership you’ll never use or a new diet plan. The trick is spend insight and accountability. Here’s the deal, a doughnut from Dunkin Doughnuts or your favorite spot on a special occasion isn’t going to kill you but a doughnut every single day might shave a couple years off your life. How do doughnuts and this little delicious treat have anything to do with saving money and this tip on cutting costs?
Think of Dunkin Doughnuts as the third party vendors and suppliers that you company works with. The doughnut is the late fees or additional charges they slide into your invoices that were not agreed upon on in the contract. These seemingly helpless over charges and fees (doughnuts) if not kept in check could add thousands of dollars in additional expenses to your company.
What if there was a tool that could tell you how much weight you were gaining from all those little delicious treats the moment you took a bite? Well, I’m not sure if there is a tool for actual doughnuts but there are great tools for your company!
One of those tools is Docspace! Docspace gives you insight into those overcharges from vendors and protects you from eating the final bite that will give you diabetes. Docspace intelligently checks all of your invoices against the original contract value and alerts you if you’re being inaccurately billed. It also gives you insight into who approved and paid the invoices. It’s a whole new level of insight and accountability within your company.
Don’t pay vendors more than you have to! Let’s trim the fat and get those summer bodies ready for the beach!
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