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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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Cut Costs Not Corners summary
Colin Barrow
A practical guide to staying competitive and improving profits
15 mins
Brief summary
Cut Costs Not Corners by Colin Barrow is a business book that gives practical advice on how to survive and save money during tough economic times. It's a comprehensive guide filled with cost-cutting strategies and tips for building a financially sustainable business.
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Cut Costs Not Corners
Summary of 6 key ideas
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Key idea 1 of 6
The key to a profitable business is cutting costs, maintaining quality and maximizing profit.
What’s the best way to make maximum profits? The simplest answer is to boost revenue, which of course helps if you can make it happen. But there’s a better and more easily controlled method that’s all about managing expenses. It’s called costs leadership, and here’s how it works:
For starters, you’ll need to focus on the two main types of costs: fixed and variable.
Fixed costs are independent of the level of a company’s production, and include computers, desks, telephones and other equipment. But the term can also refer to less tangible costs, like rent or insurance. In fact, labor is often considered a fixed cost since it takes time and money to hire employees.
Variable costs are dependent on the level of production, meaning that the more you consume, the more you pay. Examples of variable costs are raw materials, packaging and storage.
Now that you know the two main types of costs, you can start learning why intelligently managing them will produce lower-cost products, and therefore higher revenues, all while maintaining the same standards of quality.
You could reduce costs by making sweeping cuts, but this will likely lower the quality of the goods or services you provide. For example, if you decide to save money by cutting your customer support team, you’re likely to be facing some very unhappy customers in the near future.
However, wisely cutting needless costs will both increase revenue and maintain quality. For instance, IKEA’s founder Ingvar Kamprad built his 235-store empire through simple cost-cutting mechanisms that left quality intact. One strategy was to sell unassembled furniture, which takes up less space and requires less time to manufacture.
But how can you intelligently cut costs? Let’s look deeper at some specific strategies to reduce expenses while maintaining quality.
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What is Cut Costs Not Corners about?
Cut Costs Not Corners (2010) is a guide to managing and minimizing the costs of any business while maintaining the quality of its products and services. These blinks are full of actionable examples that will teach you how to trim the fat from your budget while keeping your customers and employees happy.
Cut Costs Not Corners Review
Cut Costs Not Corners (2010) by Colin Barrow is an essential read for anyone looking to optimize their business's finances without sacrificing quality. Here's why this book stands out from the rest:
- The book provides practical strategies and advice that can be implemented immediately, allowing businesses to save money while maintaining high standards.
- Through real-life examples and case studies, Barrow demonstrates how businesses have successfully cut costs without compromising their products or services.
- The author's thought-provoking insights and tips ensure that the book is never dull, keeping readers engaged and inspired to make positive changes in their own organizations.
Best quote from Cut Costs Not Corners
Experience is also a big cost saver: repetition makes people familiar with tasks and consequently faster.
—Colin Barrow
Who should read Cut Costs Not Corners?
- Any business owner who wants more control over company costs
- Every CEO hoping to maximize his or her profits
- Anyone thinking about creating a start-up of their own
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Cut Costs Not Corners FAQs
What is the main message of Cut Costs Not Corners?
The main message of Cut Costs Not Corners is to prioritize efficient spending and avoid cutting corners.
How long does it take to read Cut Costs Not Corners?
The reading time for Cut Costs Not Corners varies depending on the reader's speed, but it typically takes several hours. However, the Blinkist summary can be read in just 15 minutes.
Is Cut Costs Not Corners a good book? Is it worth reading?
Cut Costs Not Corners is a valuable read for anyone looking to optimize their finances. It offers practical insights for effective cost management.
Who is the author of Cut Costs Not Corners?
Colin Barrow is the author of Cut Costs Not Corners.
What to read after Cut Costs Not Corners?
If you're wondering what to read next after Cut Costs Not Corners, here are some recommendations we suggest:
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