Mastering Cost Controls: 5 Steps to Boost Your Bottom Line
Update: 2024-12-17
Description
In this episode of Well Coached, host Chris Weinberg dives into the critical topic of mastering cost controls within your business. Whether you're a startup or an established entrepreneur, understanding how to effectively manage cost of goods sold (COGS) can dramatically improve your profitability. Chris provides actionable takeaways that you can implement immediately to help your business thrive. By focusing on five essential controls—ordering, receiving, storing, making to specification, and getting paid—you can streamline operations and ensure your margins are working for you.
What You Will Learn in This Episode:
- The importance of balancing revenue with cost control for business success
- How cost of goods sold (COGS) impacts your profit and loss statement
- Why managing your purchasing power and procurement process is key
- Best practices for ordering, including negotiation and quality control
- How to effectively receive and inspect goods to ensure accuracy
- The value of proper storage to prevent theft, waste, and loss
- How adhering to specifications in production prevents margin erosion
- Tips for creating an easy and efficient process to get paid for your products
- The five essential cost controls that can improve your bottom line immediately
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