Financial Strategies to Impress Your CEO and Contribute to Your Company's Bottom Line.
In this episode we dive into some profit-adding financial moves that a Second-In-Command can make, even if they're not a CFO. Together we cover identifying and eliminating waste, renegotiating vendor contracts, and addressing revenue leakage. These strategies can help plug the holes in the financial bucket and pave the way for sustainable growth.
By implementing these strategies, COOs can demonstrate their value and contribute to the financial well-being of their organizations.
You'll hear all about:
01:03 - The importance of auditing every expense line item to identify waste.
01:52 - Examples of areas where waste might occur, such as unused software licenses and unnecessary subscriptions.
02:28 - How and when to renegotiate vendor contracts to reduce costs.
03:26 - Addressing revenue leakage, including adjusting prices to cover credit card processing fees.
04:11 - Other areas of revenue leakage, such as inaccurate billing and late payment fees.
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