Here are some things to be mindful of when reviewing your costs – do we really need to be spending this?
Software – make sure you’re paying for the right amount of licenses for that software. Especially when people leave, some people don’t off-board, including myself I’ve found.
Accounting Fees – (and all advisors) are you actually getting the value from it?
Business coaching – I can sometimes see $20,000, $30,000 on the P&L. Again, make sure you’re getting the value out of it.
Personally, I would want to be seeing something like a 10:1 ROI. Here’s some perspective. Some coaches are awesome and there’s a lot of sharks out there as well. But, there’s some coaches I’ve heard some feedback that without that coach there would be no business. To a degree, you can’t really put a price on that. So I wouldn’t be silly with how you calculate your 10:1 ratio but, I definitely think that they need to be earning their money charging that sort of figure.
Team members – I would leave this till last. You don’t want to necessarily just fire people or reduce people’s hours. That’s not going to go well, not only for that person but it sends the wrong energy around the business. If you’ve got an under-performer in the business or someone who’s just causing trouble, then as a leader in the business, you have to deal with that. So, if you need to do some rejigging of your team, absolutely do that. You need to look after your business first rather than any single team member who’s behaving badly.
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