Dec. 22, 2025

Powerful Business Strategies - Cost Cutting

Show Notes
Transcript

It’s the Positively Pipeman weekly segment of The Adventures of Pipeman.

As businesses face increasing competition and market volatility, understanding your financial landscape is critical. Cost management isn't just about saving money; it's about allocating resources wisely, ensuring sustainability, and setting the stage for growth. Every dollar saved can be reinvested into the business, fueling innovation and expansion.

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Hi, you have done too censure wow for you your

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This is the Pipe Man here on the Adventures Pipe

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Man W four c Y Radio and Man. We were

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talking a couple of weeks ago. I think it was

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about raising prices, but I think today on the positively

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Pipe Man segment here with Michael Barbarita of Powerful Business

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Strategies and next Step CFO, now we got to talk

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about the other side, cost cutting. What do you think Michael?

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There you go. Hope you're doing well. Dan.

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You know, as businesses face increasing competition, market volatility, understanding

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your financial landscape is critical. It's always critical anyway. But

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cost management isn't about saving money. It's actually about allocating

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resources wisely and ensuring sustainability and setting the stage for growth.

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And every dollar saved can be reinvested back into the business,

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fueling innovation.

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And fueling expansion. And you know, business.

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Owners need to understand the intricacies of cost management. How

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can be a real game changer for the business. And

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you've got to remember that in the business, every penny counts,

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so making sure yours are working for you is really critical.

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And there's two things that I'd like to get if

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I don't do anything today. I'd like to get across

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these two points because for the most part, business owners

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don't understand you have there are two types of costs.

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There as two characteristics of costs. One is fixed costs

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and one is variable costs. And for the most part,

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your fixed costs, you know, they really don't change like

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rent is a great example, you know, or annual software subscriptions.

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These are fixed costs uh that really don't change. And

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then there's variable costs, and these these actually change based

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on your business activity. For the most part, sales, So

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if you produce more or sell more, you're going to

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spend more on things like raw materials or commissions or

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you know, even even potentially advertising. So those are variable costs.

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And so by by understanding your fixed and variable costs, UH,

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you really can get a better handle on your on

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your business completely. So and most of your variable costs

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are in your cost are good sold, So the cost

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associated with with with selling your product or services, those

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are usually the variable costs. And I included one of

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them called raw materials. So payroll, uh, direct labor payroll

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that is so not administrative payroll. That's more of a

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fixed cost. So by understanding your fixed and variable costs.

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It's a good starting point for cost cutting. And the

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thing about it is there's a couple of things that

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I see a lot in terms of areas that business

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owners can cut costs. Number one is and this is

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abused a lot. It's unused subscriptions and memberships, whether it's

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a software tool that's no longer in use or a

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club membership that a business owner has forgotten about. These

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are costs that add up and they just keep hitting

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your credit card and you.

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Forget especially now, especially now right.

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And that's something you should review your credit card statement

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every month to make sure that everything on there is

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something that's active and that you're actively using it. So

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that's one thing I see a lot. I'll go through

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credit card statements with clients, and many times I'll find

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one or two subscriptions that, oh, I didn't know I

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had that anymore. I don't use that anymore. So therefore

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you know there's an opportunity to cut.

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I'll add to that too, is people. This is why

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they do and companies do this. But people sign up

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for free trials and then never cancel. And so like me,

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when I sign up for a free trial, I actually

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put something in my calendar for when I need to

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cancel it if I don't want it, so it reminds me, oh,

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I better cancel this before they charge my card, you know,

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because every time you're on a free trial, you have

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to give a Greig card. There's a method to their madness,

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you know, and you know it's actually that is how

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I think businesses make a lot of money nowadays, because

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they give out these free trials and nobody ever cancels

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to like way down the road when they figure out

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that they're still being charge.

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Right right, Yeah, it's definitely.

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It's definitely an area that companies make millions of dollars

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with a year, and they don't have to deliver a service.

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It's amazing. And the second one is overstocking inventory. So

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holding on excess inventory, as people should know, ties up capital.

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It leads to increased storage costs and it's a waste,

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especially if the item is one that gets obsolete, whether

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it's perishable or.

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Like clothing that goes out of style.

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You know, it could be as simple as that, something

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that's really not perishable, but it goes out of style,

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no one's gonna.

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Buy it, Okay, So if they have a poor on

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the lot that's from the last year, they need to

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get rid of it.

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Absolutely. Yeah, it's just so holding onto excess inventory is

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something that business owners never I should say never, but

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rarely review and understand the impact that can have on

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cash flow and expense. The other thing that business owners

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for the most part don't do is they don't leverage

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bulk purchasing. So buying in bulk can lead to significant discounts.

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And if you're you know, if you're if you're purchasing

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the same item frequently but not in bulk, you're into that,

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you're probably gonna end up paying more than necessary. And

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this is where inventory management comes in.

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You know.

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That's why I talked about overstocking, and now this time

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I'm talking about not taking advantage of bulk purchasing. But

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when you're efficient with your inventory, you don't overbuy and

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you take advantage of bulth purchasing. That's the most efficient

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flow of inventory that they can be.

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I'll add about inventory too, is like so many people

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I've ever known in my life that are in a

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business that requires inventory, they stock inventory, and to them

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it's like a bank account or the safety net, you know,

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because that represents you know, money to them. Okay, but

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the problem with that thinking is, first of all those

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items in inventory, like you said, they could go as

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a style. Something could happen where they get ruined, They

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could a multitude of things could happen, whereas if you

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just had the cash, you wouldn't have to worry about that.

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Yeah, oh absolutely, ineditory could be a big problem for companies,

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big problem. The other thing is not renegotiating contracts, whether

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it's with suppliers, service providers, landlords. Failing to renegotiate contracts

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periodically can mean you're paying more than in the current

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market rate. And you know, a lot of people believe

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that just because they're under a lease means they're just

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married to it. And granted, you don't have a lot

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of leverage, but if you go back to the landlord

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with your hat in your hand and show them why

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you can't afford these, you know, the rent increases that

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are coming up on your lease, I think that there's

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room for renegotiation because it costs the landlord much more

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money to get a new tenant than it does to

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keep the existing one. And so that's the leverage that

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you actually have when you're a tenant and people don't

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realize that. They just think that they're stuck with it.

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I've been involved in multiple renegotiations of leases, and very

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successfully most of the time because because of the fact

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that it costs more to get a new tenant than.

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It does to keep an existing with.

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It's just like, I mean, it's just like, it costs

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more to get a new customer and it does to

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keep it existing with.

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I talk about that all the time in my industry,

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because my industry is notorious for doing thirteen week contracts,

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and usually in that thirteen weeks, the people don't see

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the results, are looking for yet, and they don't renew,

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and so they're constantly and we're talking the big boys,

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they're constantly looking for fresh blood. And my viewpoint is

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I'd rather cultivate what I already have than always having

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to go out and get fresh blood.

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Interesting. Yeah, yeah, I think that's the best practice.

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Which leads me to something else too about cost cutting.

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It is the fact that if you're buying stuff. You know,

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you talked about bulk, but how about the fact of

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paying for the year opposed to paying by monthly. Anything

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you buy like a service if you pay for the year,

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you get a substantial discount, you know, and when you

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pay monthly, you're going to be paying a lot more.

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I think funny as it may seem to bring this up,

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but one of the biggest offenders of that is people

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that sign up for online dating sites. Because a lot

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of the online dating sites will charge like ninety nine

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a month or something like that, but if you pay

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for a year, you can get it for one ninety

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nine for the whole year, And people still pay monthly

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and I'm like, no, oh my god, what's wrong with it?

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And they think because I'm gonna meet somebody, I won't

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need it for a year.

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Yeah, you know, but you're right.

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They do that with other subscriptions too, I mean, luckily

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instead of upfront. And that's where the efficient use of

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capital is critical and what business owners, for the most part,

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can't appreciate. The other thing I see Dan is late

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late payments, late fees. Oh yeah, that that adds up

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tremendously for a lot of business owners because they just

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don't have an organized methodology to pay their bills. They

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have to cash, but it's not an organized methodology to

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pay your bills. Another thing I see is I'll see

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I'll see ballot sheets that have three hundred thous in

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a cash and they have a credit line that's outstanding

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for one hundred thousand, and they're not paying down the

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line of credit where they could save interest and the

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interest down in lines of credit anywhere from between eight

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and ten percent, not like it was during the COVID.

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Right, Or how about how about these little stupid fees

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that people like, even late fees, Like people are like, wow,

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it's no big deal, It's only ten dollars, right, Okay,

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but add up all those ten dollars.

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God, I showed a client the other day who had

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late late fees and all this interest stuff that added

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up to three grand, and he said, that's impossible. They're

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only like ten to fifteen dollars a pop. And then

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I showed them the detail and it was like, you know,

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thirty forty, you know, there was like one hundred literally

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one hundred thirty dollars charges.

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You know, thanks, thanks are huge financial institutions. Because that

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I have an actual next wife that before we got married,

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her bank account had five hundred dollars in overdraft fees

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every single month, every single month. And people don't pay

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attention to that, and then you get an overdraft fee

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because you went because you got an overdraft fee, that

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made you even more overdrafted. And it just adds up,

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and people don't pay attention to how much it's really

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damaging them.

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Interesting, And the other thing I want to talk about

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is insurance costs with my clients, insurance costs getting way

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out of control. And I'm not recommending what I'm about

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to say, but I at least want to let business

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owners know that there is an option out there potentially,

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and that is I'm gonna say it, but self insuring.

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And I'm going to tell you why. Here's what I've

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been finding. And it takes a lot of guts to

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do this, and that's why I don't recommend it, because

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I don't think I'll even do it. But but with

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respect to insurance costs, especially liability, there's certain insurance that

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you have to deal with workers come for example, that

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you have to you have to have that that could

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and that could go up to the moon and we

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really don't have any recourse. But some of these liability

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insurance policies now are getting really ridiculous. I have clients

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that every single year, their liability insurance is going up

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twenty percent. What what I see happening though, is what

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what you could do? You know, if your if your

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liability insurance is like one hundred thousand dollars, you take

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fifty thousand dollars of that, you self insure, You take

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fifty thousand dollars of it, You put it in a fund,

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a separate reserve for you know, for a potential lawsuit.

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And here's what I found.

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Because most of the legal lawyers, lawsuits are contingency based,

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and and they're contingency based because they know that the

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insurance comp and he's had these big buck this pool

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of big bucks that they can that they know they'll get, right,

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it's certain money. And that's why there's so many contingency

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cases because the lawyers know that there's a pot of

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gold at the end that they can attach, they can grab,

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they can get Whereas if you are self insured, the

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pot of gold isn't as great. And I've seen situations

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where lawyers have actually backed off from suing because the

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pot of gold there is no insurance to pay it.

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Well. Perfect example of that in personal life is auto insurance.

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So I don't know if you know this or not.

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But if you are properly insured, the judge, if you

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ever have a lawsuit, will stay within your limits. And

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if you're not, they won't. So in other words, you

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could do You can think you're saving money by going

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for the minimum liability ten fifth and ten fifteen thousand, whatever,

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and the judge will look at it as like you're

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under insured and screw you. I'm gonna make you pay.

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But if you have like one hundred three hundred that

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even if this lawsuits for a million dollars, it's gonna

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stay within that hundred, you're.

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Gonna stay within the range. Yeah.

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Yeah, that's amazing. And and and vehicle insurance is something

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you creally. I'm talking strictly liability insurance. In terms of

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trying to self insure, it's getting ridiculous. I mean, my

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clients are paying anoort amounts of money for insurance.

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Yeah, and you know.

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They're hesitant to switch because what's happening is the the

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their trade association is recommending this certain insurance. And usually

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when they do that, you know that usually is the

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best insurance because they're pulling all these risks. But I

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don't know if the insurance companies are taking advantage of it.

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I mean, I was just talking to an oborist. He

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has this policy that is, you know, is recommended by

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the trade. There's a number of risks that in that pool,

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the number, you know, the the premium should be low,

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and the premiums increasing twenty percent this year. I mean, god,

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it's just it's just insane. So that's been a really

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really challenging thing for business owners, and I just want

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to throw off the concept, just just to conceptually throw

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it out there. I'm not recommending anybody does it, but

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if somebody has enough fortitude, maybe in fact, maybe in fact,

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they might consider it.

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You listen, it is a good idea. I agree with you.

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I own the insurance agency and I still don't self insure,

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but it is one of the best ideas.

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So anyway, So what I'd like to offer your audience, Dean,

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is I have a workbook called Cut, you know, Cut,

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cutting costs and creating cost efficiencies, and it's a step

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by step implementation workbook. It's not just information, it's actually

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an implementation plan in the workbook. And I'll be happy

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to offer your to your audience for your charge simply

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by going to my website. Next STEPCFO dot net and

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then hit the contact button, fill out the contact form

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and in the message box put cost Cutting Workbook and

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I'll be happy to send that off.

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To you nice. I think everybody needs that nowadays with

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the increased prices, you need to do some cost cutting

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to survive. You need to get rid of that, trim

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that fat, okay, because there's a lot of it, and

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there's a lot of stuff we're spending money on as

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business owners that we're not getting anything out of it,

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nor are we even using it. It's like adjusting. It's

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like when the Yellow Pages were popular. Do you know

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that most businesses advertised in the Yellow Pages not because

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they got business out of it, because they felt they

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couldn't afford to not be in it. But yet he

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wasn't producing any money to them, so they were spending

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a lot of money they didn't need to spend. But

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it was that psychology of oh, I have to have it,

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you know, and I'm here to tell you. Michael's here

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to tell you if it's not benefiting you, you don't

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have to have it.

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So you got to you got to track that stuff

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because it's you know, otherwise you're not gonna be able

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to make logical decisions. You're going to just make decisions

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based out of fear, which is what Dean just explained

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on the Yellow Page scenario there.

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It is. So thanks again Michael for some great insight,

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great advice, and some free information that people need to

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take advantage of. And thanks for being on the Adventures

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of Pipeline.

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Great to be here, Thank you, Thank

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You for listening to the Adventures of Pipemin on w

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for CUI Radio.