❯ Costs that are already accrued
Spend management tools (like SimpledCard) can help to provide insight into actual costs, with a press of a button you get a real-time overview of spending per project or department. If needed you can quickly freeze budgets, while completing the further analysis. Then it’s time to clean up all inefficiencies, cutting discretionary costs like catering and unnecessary travel.
❯ Costs that are planned and committed
Deploy lists to the various departments with recurring expenses, running subscriptions, ask them to look for online tools, and software programs that are no longer in use. Find out the notice periods.
❯ Costs that are planned but not yet committed, which you can potentially stop or cut
Team up with for example Marketing to check where the advertising budget is going. Cut poor quality running ads and ask if there are any opportunities for organic reach. Keep your tone light-footed and this can have a major positive impact on the relationship with the other teams.