Dec. 22, 2025
Powerful Business Strategies - Cost Cutting
As businesses face increasing competition and market volatility, understanding your financial landscape is critical. Cost management isn't just about saving money; it's about allocating resources wisely, ensuring sustainability, and setting the stage for growth. Every dollar saved can be reinvested into the business, fueling innovation and expansion.
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Hi, you have done too censure wow for you your
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This is the Pipe Man here on the Adventures Pipe
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Man W four c Y Radio and Man. We were
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talking a couple of weeks ago. I think it was
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about raising prices, but I think today on the positively
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Pipe Man segment here with Michael Barbarita of Powerful Business
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Strategies and next Step CFO, now we got to talk
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about the other side, cost cutting. What do you think Michael?
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There you go. Hope you're doing well. Dan.
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You know, as businesses face increasing competition, market volatility, understanding
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your financial landscape is critical. It's always critical anyway. But
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cost management isn't about saving money. It's actually about allocating
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resources wisely and ensuring sustainability and setting the stage for growth.
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And every dollar saved can be reinvested back into the business,
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fueling innovation.
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And fueling expansion. And you know, business.
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Owners need to understand the intricacies of cost management. How
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can be a real game changer for the business. And
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you've got to remember that in the business, every penny counts,
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so making sure yours are working for you is really critical.
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And there's two things that I'd like to get if
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I don't do anything today. I'd like to get across
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these two points because for the most part, business owners
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don't understand you have there are two types of costs.
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There as two characteristics of costs. One is fixed costs
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and one is variable costs. And for the most part,
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your fixed costs, you know, they really don't change like
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rent is a great example, you know, or annual software subscriptions.
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These are fixed costs uh that really don't change. And
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then there's variable costs, and these these actually change based
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on your business activity. For the most part, sales, So
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if you produce more or sell more, you're going to
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spend more on things like raw materials or commissions or
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you know, even even potentially advertising. So those are variable costs.
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And so by by understanding your fixed and variable costs, UH,
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you really can get a better handle on your on
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your business completely. So and most of your variable costs
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are in your cost are good sold, So the cost
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associated with with with selling your product or services, those
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are usually the variable costs. And I included one of
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them called raw materials. So payroll, uh, direct labor payroll
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that is so not administrative payroll. That's more of a
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fixed cost. So by understanding your fixed and variable costs.
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It's a good starting point for cost cutting. And the
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thing about it is there's a couple of things that
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I see a lot in terms of areas that business
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owners can cut costs. Number one is and this is
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abused a lot. It's unused subscriptions and memberships, whether it's
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a software tool that's no longer in use or a
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club membership that a business owner has forgotten about. These
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are costs that add up and they just keep hitting
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your credit card and you.
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Forget especially now, especially now right.
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And that's something you should review your credit card statement
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every month to make sure that everything on there is
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something that's active and that you're actively using it. So
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that's one thing I see a lot. I'll go through
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credit card statements with clients, and many times I'll find
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one or two subscriptions that, oh, I didn't know I
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had that anymore. I don't use that anymore. So therefore
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you know there's an opportunity to cut.
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I'll add to that too, is people. This is why
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they do and companies do this. But people sign up
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for free trials and then never cancel. And so like me,
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when I sign up for a free trial, I actually
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put something in my calendar for when I need to
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cancel it if I don't want it, so it reminds me, oh,
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I better cancel this before they charge my card, you know,
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because every time you're on a free trial, you have
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to give a Greig card. There's a method to their madness,
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you know, and you know it's actually that is how
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I think businesses make a lot of money nowadays, because
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they give out these free trials and nobody ever cancels
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to like way down the road when they figure out
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that they're still being charge.
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Right right, Yeah, it's definitely.
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It's definitely an area that companies make millions of dollars
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with a year, and they don't have to deliver a service.
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It's amazing. And the second one is overstocking inventory. So
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holding on excess inventory, as people should know, ties up capital.
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It leads to increased storage costs and it's a waste,
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especially if the item is one that gets obsolete, whether
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it's perishable or.
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Like clothing that goes out of style.
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You know, it could be as simple as that, something
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that's really not perishable, but it goes out of style,
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no one's gonna.
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Buy it, Okay, So if they have a poor on
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the lot that's from the last year, they need to
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get rid of it.
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Absolutely. Yeah, it's just so holding onto excess inventory is
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something that business owners never I should say never, but
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rarely review and understand the impact that can have on
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cash flow and expense. The other thing that business owners
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for the most part don't do is they don't leverage
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bulk purchasing. So buying in bulk can lead to significant discounts.
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And if you're you know, if you're if you're purchasing
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the same item frequently but not in bulk, you're into that,
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you're probably gonna end up paying more than necessary. And
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this is where inventory management comes in.
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You know.
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That's why I talked about overstocking, and now this time
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I'm talking about not taking advantage of bulk purchasing. But
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when you're efficient with your inventory, you don't overbuy and
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you take advantage of bulth purchasing. That's the most efficient
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flow of inventory that they can be.
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I'll add about inventory too, is like so many people
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I've ever known in my life that are in a
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business that requires inventory, they stock inventory, and to them
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it's like a bank account or the safety net, you know,
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because that represents you know, money to them. Okay, but
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the problem with that thinking is, first of all those
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items in inventory, like you said, they could go as
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a style. Something could happen where they get ruined, They
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could a multitude of things could happen, whereas if you
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just had the cash, you wouldn't have to worry about that.
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Yeah, oh absolutely, ineditory could be a big problem for companies,
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big problem. The other thing is not renegotiating contracts, whether
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it's with suppliers, service providers, landlords. Failing to renegotiate contracts
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periodically can mean you're paying more than in the current
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market rate. And you know, a lot of people believe
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that just because they're under a lease means they're just
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married to it. And granted, you don't have a lot
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of leverage, but if you go back to the landlord
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with your hat in your hand and show them why
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you can't afford these, you know, the rent increases that
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are coming up on your lease, I think that there's
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room for renegotiation because it costs the landlord much more
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money to get a new tenant than it does to
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keep the existing one. And so that's the leverage that
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you actually have when you're a tenant and people don't
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realize that. They just think that they're stuck with it.
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I've been involved in multiple renegotiations of leases, and very
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successfully most of the time because because of the fact
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that it costs more to get a new tenant than.
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It does to keep an existing with.
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It's just like, I mean, it's just like, it costs
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more to get a new customer and it does to
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keep it existing with.
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I talk about that all the time in my industry,
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because my industry is notorious for doing thirteen week contracts,
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and usually in that thirteen weeks, the people don't see
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the results, are looking for yet, and they don't renew,
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and so they're constantly and we're talking the big boys,
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they're constantly looking for fresh blood. And my viewpoint is
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I'd rather cultivate what I already have than always having
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to go out and get fresh blood.
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Interesting. Yeah, yeah, I think that's the best practice.
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Which leads me to something else too about cost cutting.
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It is the fact that if you're buying stuff. You know,
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you talked about bulk, but how about the fact of
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paying for the year opposed to paying by monthly. Anything
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you buy like a service if you pay for the year,
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you get a substantial discount, you know, and when you
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pay monthly, you're going to be paying a lot more.
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I think funny as it may seem to bring this up,
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but one of the biggest offenders of that is people
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that sign up for online dating sites. Because a lot
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of the online dating sites will charge like ninety nine
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a month or something like that, but if you pay
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for a year, you can get it for one ninety
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nine for the whole year, And people still pay monthly
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and I'm like, no, oh my god, what's wrong with it?
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And they think because I'm gonna meet somebody, I won't
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need it for a year.
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Yeah, you know, but you're right.
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They do that with other subscriptions too, I mean, luckily
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instead of upfront. And that's where the efficient use of
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capital is critical and what business owners, for the most part,
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can't appreciate. The other thing I see Dan is late
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late payments, late fees. Oh yeah, that that adds up
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tremendously for a lot of business owners because they just
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don't have an organized methodology to pay their bills. They
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have to cash, but it's not an organized methodology to
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pay your bills. Another thing I see is I'll see
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I'll see ballot sheets that have three hundred thous in
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a cash and they have a credit line that's outstanding
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for one hundred thousand, and they're not paying down the
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line of credit where they could save interest and the
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interest down in lines of credit anywhere from between eight
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and ten percent, not like it was during the COVID.
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Right, Or how about how about these little stupid fees
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that people like, even late fees, Like people are like, wow,
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it's no big deal, It's only ten dollars, right, Okay,
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but add up all those ten dollars.
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God, I showed a client the other day who had
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late late fees and all this interest stuff that added
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up to three grand, and he said, that's impossible. They're
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only like ten to fifteen dollars a pop. And then
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I showed them the detail and it was like, you know,
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thirty forty, you know, there was like one hundred literally
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one hundred thirty dollars charges.
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You know, thanks, thanks are huge financial institutions. Because that
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I have an actual next wife that before we got married,
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her bank account had five hundred dollars in overdraft fees
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every single month, every single month. And people don't pay
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attention to that, and then you get an overdraft fee
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because you went because you got an overdraft fee, that
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made you even more overdrafted. And it just adds up,
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and people don't pay attention to how much it's really
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damaging them.
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Interesting, And the other thing I want to talk about
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is insurance costs with my clients, insurance costs getting way
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out of control. And I'm not recommending what I'm about
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to say, but I at least want to let business
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owners know that there is an option out there potentially,
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and that is I'm gonna say it, but self insuring.
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And I'm going to tell you why. Here's what I've
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been finding. And it takes a lot of guts to
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do this, and that's why I don't recommend it, because
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I don't think I'll even do it. But but with
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respect to insurance costs, especially liability, there's certain insurance that
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you have to deal with workers come for example, that
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you have to you have to have that that could
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and that could go up to the moon and we
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really don't have any recourse. But some of these liability
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insurance policies now are getting really ridiculous. I have clients
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that every single year, their liability insurance is going up
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twenty percent. What what I see happening though, is what
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what you could do? You know, if your if your
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liability insurance is like one hundred thousand dollars, you take
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fifty thousand dollars of that, you self insure, You take
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fifty thousand dollars of it, You put it in a fund,
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a separate reserve for you know, for a potential lawsuit.
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And here's what I found.
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Because most of the legal lawyers, lawsuits are contingency based,
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and and they're contingency based because they know that the
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insurance comp and he's had these big buck this pool
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of big bucks that they can that they know they'll get, right,
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it's certain money. And that's why there's so many contingency
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cases because the lawyers know that there's a pot of
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gold at the end that they can attach, they can grab,
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they can get Whereas if you are self insured, the
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pot of gold isn't as great. And I've seen situations
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where lawyers have actually backed off from suing because the
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pot of gold there is no insurance to pay it.
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Well. Perfect example of that in personal life is auto insurance.
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So I don't know if you know this or not.
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But if you are properly insured, the judge, if you
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ever have a lawsuit, will stay within your limits. And
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if you're not, they won't. So in other words, you
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could do You can think you're saving money by going
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