CFO Series: Improving Profitability and Cut the Right Costs

Overview

Cost cutting is easy, but cutting the right costs is NOT easy. Most cost-cutting exercises fail, either by cutting the wrong costs, cutting too much, cutting too little, ignoring interrelated impacts, taking shortcuts, or waiting too long. The internal politics are problematic. One key solution is to take sufficient time to plan properly and assess the true goals and objectives. Planning is essential. We will show you how to cut the right costs correctly and avoid career-killing blunders.

Prerequisites

None, preferably at least six (6) months of professional financial statement analysis experience and/or at least six (6) months of professional experience in preparing or reviewing accounting processes and reports; experience working with internal clients or external clients and business leaders.

Objectives

After attending this presentation, you will be able to...

• Analyze costs and choose which to cut and which not to cut.
• Assess the role and purpose of each cost cutting exercise.
• Utilize non-traditional approaches to cut costs.

Highlights

The major topics that will be covered in this course include:

• Understanding what the goal really is
  • Better planning, ready, aim, and then fire
  • What are the crucial considerations?
• Why do others in the organization hate to cut costs?
• What are the ‘ripple’ effects?
• What are the right costs to cut and not to cut?
  • What are the more common mistakes made?
  • The need to consider politics, culture and strategy!
  • 14 different perspectives to utilize to cut costs efficiently
  • Over 50 uncommon cost cutting possibilities
• How to prepare for the next cost cutting exercise
• A proven process to cut the right cost in an organization