No BS Cost Reduction Strategies Part 4 of 4

𝐍𝐎 𝐁𝐔𝐋𝐋**** 𝐂𝐎𝐒𝐓 𝐑𝐄𝐃𝐔𝐂𝐓𝐈𝐎𝐍 𝐒𝐓𝐑𝐀𝐓𝐄𝐆𝐈𝐄𝐒 💸 💰 📈
𝙋𝙖𝙧𝙩 4 𝙤𝙛 4: 𝘏𝘰𝘸 𝘈𝘳𝘦 𝘺𝘰𝘶 𝘎𝘰𝘪𝘯𝘨 𝘵𝘰 𝘙𝘦𝘥𝘶𝘤𝘦 𝘊𝘰𝘴𝘵𝘴?

A reminder of the questions we need to answer when communicating to our executive teams at the adult’s table:
【1】 𝐖𝐡𝐚𝐭 𝐂𝐨𝐬𝐭𝐬 𝐀𝐫𝐞 𝐘𝐨𝐮 𝐑𝐞𝐝𝐮𝐜𝐢𝐧𝐠?
【2】 𝐖𝐡𝐲 𝐀𝐫𝐞 𝐘𝐨𝐮 𝐑𝐞𝐝𝐮𝐜𝐢𝐧𝐠 𝐓𝐡𝐨𝐬𝐞 𝐂𝐨𝐬𝐭𝐬?
【3】 𝐖𝐡𝐚𝐭 𝐀𝐫𝐞 𝐘𝐨𝐮𝐫 𝐑𝐞𝐝𝐮𝐜𝐭𝐢𝐨𝐧 𝐓𝐚𝐫𝐠𝐞𝐭𝐬?
【4】 𝐇𝐨𝐰 𝐖𝐢𝐥𝐥 𝐘𝐨𝐮 𝐑𝐞𝐝𝐮𝐜𝐞 𝐓𝐡𝐨𝐬𝐞 𝐂𝐨𝐬𝐭𝐬?

We cover question #4 today by answering the “how”. This is all about execution and tactics.

There are general strategic tactics that can applied to almost any cost reduction strategy anywhere in your business. Examples:
• Reorganizing
• Lean Transformation
• Insourcing/outsourcing
• Renegotiation
• Automation
• Cross-training

For manufacturers in regulated environments, these tactics can be even more focused. Examples:
• Increase yield
• Reduce batch rejections
• Reformulate Recipes
• Reduce forward processing
• Reduce deviations

The “how” also addresses who is leading the effort and how they will govern or manage performance and report progress.
Watch the video for examples on answering the 4 questions at the Adult’s table.

Propellant Consulting specializes in cost reduction strategies for regulated manufacturers, e.g., pharmaceuticals, biotech, chemicals, food, and electronics. Contact us to achieve your financial goals in 2024 🎯🤝 !!!

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