How to be a more cost-effective leader

How to be a more cost-effective leader

How to be a more cost-effective leader

Growing a successful business from the ground up involves more than offering a product or service customers want at a price they are willing to pay.

Building a business that is not only profitable but continues to generate revenues over the long-haul requires more than just a product/market fit.

One component of a profitable and sustainable business is efficiency.

Neglecting to build efficiency into the DNA of your business could doom your company to premature failure and unrealised revenues.

To ensure your company is run as efficiently as possible, it is imperative your leadership exemplifies the standards you wish your business to portray.

You can’t expect employees or department managers to believe efficiency is a top priority if you do not emulate those standards in your everyday business practices.

3 Tips to become a more cost-effective leader

If you hope to lead by example, here are three simple ways to integrate efficiency into your leadership role:

1. Reduce company inefficiencies

You can reduce inefficiencies by incorporating ongoing staff feedback into your business’ methods of administration.

Frontline workers are better able to spot inefficiencies in daily operations than middle management staff relegated behind office doors.

When employees understand their feedback is welcomed and will be acted upon, they are inspired to contribute valuable insights and have a sense of ownership regarding company improvements.

2. Review business budgets

Make sure you review your budgets on a regular basis to understand where your company’s funds are being allocated.

Don’t wait an entire year to identify expenditures that aren’t producing a reasonable ROI.

A cost-effective leader is able to spot opportunities for savings sooner rather than later can save your company thousands of dollars.

The better you understand your business’ profit-and-loss situation, the more inclined you are to focus on growth factors that matter.

3. Be aware of cost-saving technology innovations.

Don’t assume your current technology solutions are satisfactory.

Monitoring new software and hardware resources being developed by startup companies can help you spot expense-reduction tools early.

You’ll find a list of all the latest technology suppliers designed for contact centres in the CX Directory >>>

In summary

Integrating these tips into your business management style can have a long-lasting impact on your company’s bottom line.

Not only can you reduce expenses, but you might also be able to discover profit opportunities based on your employees’ insights.

What are your thoughts?

What strategies do you use in your efforts to be a more cost-effective leader?

Recommended further reading: 10 Tips on how to manage change in the workplace

Search a list of all upcoming industry training courses, conferences networking events and more on the Industry Events Calendar>>>

Share this content:
About Derek Bullard 1 Article
Derek is a seasoned executive and entrepreneur that has successfully founded and led multiple high growth organizations. Passionate about social causes, Derek has worked, volunteered or served on the board of directors for several non-profit organizations and he has been featured and provided insight to various media outlets including CNBC.COM and The Associated Press.

Upcoming Industry Events

Auscontact 2022 National Conference

$2500
Scheduled
Event Organiser:
Auscontact
Brisbane Convention & Exhibition Centre

Join the leaders of the Australian Contact Centre industry for the Auscontact 2022 National Conference in Brisbane, QLD. New date!

Introduction to Contact Centre Management Course May 2022

$497
Scheduled
Event Organiser:
CX Skills
Virtual/Online

Learn global best-practice contact centre management fundamentals in the Introduction to Contact Centre Management Training course facilitated live online by local expert Justin Tippett.

Contact Centre Management Fundamentals (June 2022)

$1797
Scheduled
Event Organiser:
CX Skills
Zoom

One of our most popular courses, this comprehensive Contact Centre Management Fundamentals course in June 2022 delivers global best-practice contact centre strategies regardless of the size of your contact centre that will improve the performance of your contact centre operations. Delivered over 4x4 hour sessions via ZOOM, you'll learn directly from global contact centre expert Daniel Ord.

Be the first to comment

Leave a Reply