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281 - Are You Wasting 20% of Your Business Budget? with Duane Deason
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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 operations
- How to identify hidden cash flow issues without becoming a financial expert
- Simple strategies to create accountability for company spending
- Why cost cutting should be celebrated, not viewed as failure
- How to build a culture that protects your profit margins
Time Stamps
- 00:47 - Episode Intro
- 02:54 - Introducing Duane Deason
- 05:42 - Common Cost Issues in Businesses
- 22:10 - Identifying Cash Flow Issues
- 22:27 - Engaging Owners in Cost Management
- 27:05 - Implementing Cost Management Centers
- 31:04 - Incentivizing and Sustaining Cost Savings
- 39:36 - 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&L
- Create a Cost Management Center
- Make Cost Savings Visible and Celebrated
- Implement Clear Signature Authority Rules
- Restrict Who Can Sign Contracts
- Audit Utilization of All Resources
- Reframe Cost Cutting as Opportunity Finding
Resources
- 24 Things Construction Business Owners Need to Successfully Hire & Train an Executive Assistant
- Schedule a 15-Minute Roadblock Call
- Check out OpenPhone
- Build a Business that Runs without you. Explore our GrowthKits
- Need Marketing Help? We Recommend Benali
- Need Help with podcast production? We recommend Demandcast
More from Duane Deason
- Efficacy Group website
- Duane Deason on LinkedIn
- Operationally Svelte: Manage Costs to Increase Profit and Enhance Performance
- Watch out for the Cost Management Center Podcast
More from Martin Holland
More from Khalil
More from The Cash Flow Contractor
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- Visit our website
- Email The Cashflow Contractor
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