-
Prepare realistic estimates of budget, staff and other resources.
-
Review implemented strategies and compare resources on a like-sized project or initiative.
-
Compare recent similar size plans with experienced planners.
-
Gain input from others about resources and supplies to implement any plans.
-
Identify when each resource will be needed and ways they may be obtained at best price
-
Establish systems to measure and monitor the productivity of resources.
-
To install accountability for financial results, make them visible. Post figures on how the business is doing and of actions people have taken to demonstrate personal accountability.
-
Provide frequent business updates on how people’s actions and decisions are impacting on the business.
-
Emphasise the importance of avoiding unnecessary costs.
-
Act and ensure that others act as if the company money spent were your/their money.
-
Suggest and encourage others to find innovative ways to minimise costs and maximise return on the money invested in building the business. Constantly look for ways to decrease unnecessary expenses and increase revenues and profits.
-
Before making a business decision, ask and insist that others ask, “If this were my business and this action impacts on me personally, what would I do”? “If I could save money from expenses and add to the revenue, what would I do differently?”
-
Review potential alternatives. It may be possible to combine the best elements of several alternatives to obtain one superior solution.
-
Communicate frequently and openly about financial challenges facing your area and the business to encourage ideas and to set and communicate steps taken to meet these challenges.
-
Apply the 80/20 rule. Focus on the 20% of critical goals and activities that will provide 80% of the value-added results.
-
Identify resources needt for successful completion of value-added activities. What resources are needed, for what activities, when, and who/what are the best internal/external resources?
-
What is the cost versus the benefit? What are the options? What are the specific goals and measurements?
-
Determine why costs are overspent and apply lessons learned to future purchases/projects.
-
Set aside time during regularly scheduled staff meetings to discuss changes and improvements to your department’s work processes and
procedures
-
Explore technologies that could increase the effectiveness and efficiency of your department.
-
Put in place controls and balances to ensure that spending and investments are within the budget and yield a return
-
Monitor cost effectiveness of actions, ensuring they do not compromise the achievement of results.
-
Monitor and investigate vacancies. Do not automatically fill a vacancy but first consider whether the role can be conducted in a different way, by different people, or should it be done at a different level.
-
Set individual and team objectives that will lead to achieving goals, on time, to cost
-
Regularly review achievement against objectives. Amend and adjust to ensure goals are on course for success and if delays/overspend are anticipated, make appropriate amendments.
-
Develop clear priorities – whether you set them or develop them collectively with your group to allow others to more easily make decisions when conflicting demands arise.
