281 - Are You Wasting 20% of Your Business Budget? with Duane Deason

What if you could immediately add 10-20% to your bottom line without changing your sales strategy? In this eye-opening conversation with cost management expert Duane Deason, you'll discover why most businesses unknowingly waste thousands in unnecessary expenses and how implementing a simple cost management system can transform your profitability. Perfect for contractors who feel the cash flow squeeze but don't know where to start cutting costs.

What You’ll Learn

Why most companies waste 10-20% of their budget on expenses that don't improve operationsHow to identify hidden cash flow issues without becoming a financial expertSimple strategies to create accountability for company spendingWhy cost cutting should be celebrated, not viewed as failureHow to build a culture that protects your profit margins

Time Stamps

00:47 - Episode Intro02:54 - Introducing Duane Deason05:42 - Common Cost Issues in Businesses22:10 - Identifying Cash Flow Issues22:27 - Engaging Owners in Cost Management27:05 - Implementing Cost Management Centers31:04 - Incentivizing and Sustaining Cost Savings39:36 - Signature Authority

Snippets from the Episode

"Most companies I work with have 10 to 20% of their expenses that could be eliminated without changing how they operate, that's low-hanging fruit that goes straight to the bottom line."- Duane Deason"Learn to be comfortable with 'no.' You can't appease everybody. 'No' to things we can't afford yet helps us say 'yes' to what's truly important."- Duane Deason"If you want people to understand what the score is and they're responsible for the score, they need to know how to read the information."- Martin Holland"For every dollar of sales, you may pocket 10 cents. But for every dollar you save in costs, you keep the entire dollar."- Duane Deason

Key Takeaways

Start with Your Disbursement Journal, Not P&LCreate a Cost Management CenterMake Cost Savings Visible and CelebratedImplement Clear Signature Authority RulesRestrict Who Can Sign ContractsAudit Utilization of All ResourcesReframe Cost Cutting as Opportunity Finding

Resources

⁠⁠⁠⁠24 Things⁠⁠⁠⁠ Construction Business Owners Need to Successfully Hire & Train an Executive Assistant

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More from Duane Deason

Efficacy Group websiteDuane Deason on LinkedInOperationally Svelte: Manage Costs to Increase Profit and Enhance PerformanceWatch out for the Cost Management Center Podcast

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