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Sadek El-Assaad
Sadek El-Assaad
Enabling Business Capabilities I Solutions Provider I Strategy Execution
Published Jul 10, 2023
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When your business is doing well, it's easy to feel like you can let your guard down and overlook some cost elements.
But trust me, keeping costs in check has both short and long-term benefits... no matter how good your current financial results are!
Here's why:
One way to maintain low costs is by using technology to automate repetitive tasks- a word of caution here, I have seen many businesses get tangled in implementing automation. Though this can save a lot of time and money in the long run, don’t start with automation, Enterprise Research Planning (ERPs), and the like unless you are confident that your team has the bandwidth to clearly define what they need and the time and energy to implement it.
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Another way is through outsourcing- Especially support functions such as Legal, Marketing, HR…etc. It allows businesses to access specialized skills and expertise without the need to maintain full-time staff, which is, of course, more cost-effective.
In short, even if your business is currently doing well, keeping an eye on costs is critical.
By maintaining lower costs, you'll be able to increase profitability, improve efficiency, and create a buffer for any future challenge. And everyone knows that a buffer is the mark of a bullet-proof business!
For more business tips, Live events and to join our community, follow the Zeder Business Advisory LinkedIn Page, or subscribe to 'The Profitable Business Podcast' anywhere that you listen to your Podcasts.
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