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Dec. 22, 2025

Powerful Business Strategies - Cost Cutting

Show Notes
Transcript

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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for the minimum liability ten fifth and ten fifteen thousand, whatever,

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and the judge will look at it as like you're

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under insured and screw you. I'm gonna make you pay.

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But if you have like one hundred three hundred that

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even if this lawsuits for a million dollars, it's gonna

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stay within that hundred, you're.

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Gonna stay within the range. Yeah.

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Yeah, that's amazing. And and and vehicle insurance is something

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you creally. I'm talking strictly liability insurance. In terms of

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trying to self insure, it's getting ridiculous. I mean, my

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clients are paying anoort amounts of money for insurance.

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Yeah, and you know.

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They're hesitant to switch because what's happening is the the

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their trade association is recommending this certain insurance. And usually

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when they do that, you know that usually is the

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best insurance because they're pulling all these risks. But I

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don't know if the insurance companies are taking advantage of it.

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I mean, I was just talking to an oborist. He

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has this policy that is, you know, is recommended by

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the trade. There's a number of risks that in that pool,

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the number, you know, the the premium should be low,

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and the premiums increasing twenty percent this year. I mean, god,

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it's just it's just insane. So that's been a really

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really challenging thing for business owners, and I just want

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to throw off the concept, just just to conceptually throw

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it out there. I'm not recommending anybody does it, but

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if somebody has enough fortitude, maybe in fact, maybe in fact,

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they might consider it.

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You listen, it is a good idea. I agree with you.

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I own the insurance agency and I still don't self insure,

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but it is one of the best ideas.

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So anyway, So what I'd like to offer your audience, Dean,

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is I have a workbook called Cut, you know, Cut,

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cutting costs and creating cost efficiencies, and it's a step

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by step implementation workbook. It's not just information, it's actually

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an implementation plan in the workbook. And I'll be happy

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to offer your to your audience for your charge simply

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by going to my website. Next STEPCFO dot net and

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then hit the contact button, fill out the contact form

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and in the message box put cost Cutting Workbook and

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I'll be happy to send that off.

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To you nice. I think everybody needs that nowadays with

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the increased prices, you need to do some cost cutting

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to survive. You need to get rid of that, trim

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that fat, okay, because there's a lot of it, and

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there's a lot of stuff we're spending money on as

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business owners that we're not getting anything out of it,

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nor are we even using it. It's like adjusting. It's

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like when the Yellow Pages were popular. Do you know

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that most businesses advertised in the Yellow Pages not because

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they got business out of it, because they felt they

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couldn't afford to not be in it. But yet he

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wasn't producing any money to them, so they were spending

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a lot of money they didn't need to spend. But

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it was that psychology of oh, I have to have it,

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you know, and I'm here to tell you. Michael's here

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to tell you if it's not benefiting you, you don't

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have to have it.

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So you got to you got to track that stuff

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because it's you know, otherwise you're not gonna be able

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to make logical decisions. You're going to just make decisions

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based out of fear, which is what Dean just explained

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on the Yellow Page scenario there.

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It is. So thanks again Michael for some great insight,

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great advice, and some free information that people need to

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take advantage of. And thanks for being on the Adventures

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of Pipeline.

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Great to be here, Thank you, Thank

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You for listening to the Adventures of Pipemin on w

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for CUI Radio.