Who Wants to Cut Costs?

Posted on March 8, 2010

Making money in a business isn’t exactly rocket science. There are just a couple pieces to the equation: bring in revenues and keep expenses under control. In today’s Learning Lab, “50 Ways to Cut Your Costs and Increase Profits,” presenter Bobby Ring focused on the bottom line and offered participants dozens of ideas for squeezing additional profits out of their businesses.

“There are no original ideas in this presentation, but it's different twists on time-tested ideas,” said Ring.

These types of efforts are particularly important given the continued economic slump. “Business has been tough,” he said. "Things haven't been going well. But the people in this room want to find out what to do better. You can use what works for you."

Participants walked through many broad categories of cost-cutting ideas, including tips on how to review insurance coverage, cell phone plans, credit card processing programs, reclaimed refrigerant options and how to analyze inventory levels. Still, Ring warns that cutting costs should be a controlled process, not just a fly-by-night management directive. "If you just tell everyone to reduce costs, how long will that last? Only as long as you talk about it," he said.

Instead, he suggested developing clean P&L statements to monitor changes in overhead and line items that creep up over time. "Controlling our costs is the key ingredient in our success," he said.

Other workshops on a variety of HVACR business topics are continually presented this week in Tampa as part of ACCA’s 42nd Annual Conference and Indoor Air Expo. Read all of our blogs and news updates from the event at www.accaconference.com, or from your mobile phone at www.acca10.com.