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Strategic Cost Reduction Checklist

A comprehensive checklist for strategic cost reduction... ✅

  • Lucidity
  • 1 min read

We've previously written our guide to strategic cost reduction, which is a process that can help any business regardless of their financial position. Now we're happy to provide you with a complete checklist of tips, advice and help, put together by a group of experienced FDs and CFOs! Download the full guide at the bottom of this page!

Here are some key activities covered:

Assuring Competitive Cost Structures

  • Independent Cost Benchmarking
  • Peer comparisons
  • Industry averages
  • Published accounts
  • Internal comparisons
  • Refinancing
  • Profitability reviews
  • Improving cost allocation / MI
  • Developing the Procurement function
  • Reviewing service levels

Exploiting Efficiencies

  • Automation opportunities / capex
  • Process opportunities
  • Rationalising operations
  • Outsource opportunities
  • Decommissioning marginal activities
  • Revenue completeness
  • Reviewing stock levels
  • Right first time measures
  • Analysing marketing payback

Review Overheads

  • List key spend items by type
  • Direct debits investigation
  • Consolidation of suppliers
  • Remove discretionary expenses
  • Reduction in frequency
  • Converting contractors to permanent
  • Remote working / service offices / less central locations
  • R&D Tax Credits
  • Employee benefits packages
  • Raising approval levels

Review Risk Arrangements

  • Hedging
  • Insurance
  • Self insurance
  • Credit control
  • Credit insurance

Quick Wins

  • Salary cuts / Furloughs
  • Deferred remuneration / Share alternatives
  • VAT / PAYE Delays
  • Business Rate Support & Grants
  • SSP Extensions
  • Ban on Evictions
  • Time to Pay
  • Self-Employed Support Scheme
  • Rent Holidays / Reductions

For more details download our guide below!

And remember our strategy software allows you to create and execute cost reduction strategies - you can sign up to our free trial today! 👍

Following our guide, this checklist provides over 50 ideas to work through to ensure you are on top of your cost reduction process.

In this eBook you’ll learn about:

  • Assuring Competitive Cost Structures
  • Exploiting Efficiencies
  • Review Overheads
  • Review Risk Arrangements
  • Quick Wins

Download the Strategic Cost Reduction Checklist

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