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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
A practical guide to staying competitive and improving profits
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.
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.
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 (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:
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Try Blinkist to get the key ideas from 7,500+ bestselling nonfiction titles and podcasts. Listen or read in just 15 minutes.
Get startedBlink 3 of 8 - The 5 AM Club
by Robin Sharma
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.