Channel Eye has joined forces with Royston Guest, leading Business Growth Coach and CEO/Founder of Pathways Global, in our column, ‘Ask the Business Coach’.
Managing the cost base is critical for any business’s financial health and sustainability.
Controlling costs ensures that expenses do not erode profit margins and helps maintain a healthy cash flow. It also ensures resources are allocated efficiently, focusing on activities that generate the most value.
Three key takeaways
- Proactive review of the cost base.
- Focus on productivity and efficiency.
- Deliver profitable revenue growth.
Episode timestamps
- [1.06) Proactive leadership of the cost base. Reviewing overheads and costs line by line and ensure your business is lean. Review suppliers, subscriptions, and payment terms. The opposite of marginal gains is marginal erosion; review all outgoings to ensure marginal erosion of the cost base has yet to set in.
- [2.03] Are your people working optimally and efficiently? Are they set up for success? Having the right people in the right roles and maximising automation where possible is critical. Is every role in your business adding value? Can you outsource activities to remove overhead from the business?
- [3.10] If you’re not growing, you’re going backwards. If you manage your costs and optimise your productivity, the next area is ensuring profitable revenue growth. You do this by reviewing the retention of existing customers, maximising your existing customer spending, and understanding the acquisition of new customers.
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