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

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The Cash Flow Contractor

Benali

284 episodes

1 day ago

If you’re like most contractors we know, then you started your business because you’re passionate about and great at your craft. You also wanted to be your own boss. Owning a business has a lot of advantages, but also a lot of challenges. We started this podcast to talk about things that matter to you as an owner, like business fundamentals, sales processes, marketing, leadership, and much more. Armed with knowledge, you’ll be able to reach your goals, whether that’s growth, getting your shop to run without you, or anything in between.

Management

Business

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Management

Business

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

The Cash Flow Contractor

48 minutes 39 seconds

2 weeks ago

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 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