VERALLIS Presentation at Hands-On CFO Conference 2014
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VERALLIS is a cost management services company for private and public businesses and organizations. By examining a company's wide range of operating expenses, in areas like logistics, freight, energy, advertising, telecommunications, printing, insurance, courier, rent expenses etc, our expert analysts find opportunities for saving and provide solutions for cost reduction with optimal quality, customer service and value.
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VERALLIS Presentation at Hands-On CFO Conference 2014
- 2. George Dimopoulos Managing Partner
- 3. Countering the Greek Economy Slowdown: Optimize Operational Performance Create Competitive Advantage Economic Environment World Competitiveness Ranking Country 2013 2014 USA 1η 1η Switzerland 2η 2η Singapore 5η 3η Hong Kong 3η 4η Sweden 4η 5η Germany 9η 6η Canada 7η 7η United Arabic Emirates 8η 8η Denmark 9η 9η Norway 6η 10η …………………………….…………………….……………………… Bulgaria 57η 56η Greece 54η 57η Argentina 59η 58η Croatia 58η 59η Venezouela 60η 60η Source: IMO World Competitiveness Ranking 2014
- 4. Sustainable Cost Reduction ‘’Why, is it so difficult for cost reduction measures to have enduring value to business results? ’’ Source: Verallis
- 5. 4 Major Barriers for continuous cost reduction
- 6. 1. Not Knowing what exactly to cut 9.3 9.0 8.3 8.3 8.0 5.3 4.7 3.0 2.7 1.0 1.0 0.3 5.6 28.2 27.2 20.6 19.9 18.6 16.9 15.6 14.6 25.2 43.2 Energy Marketing Logistics Freight Travel Management Facility Management Telecommunications Maintenance Insurance Fleet Management Packaging Printing Office Supplies Taxes Factory Consumables Waste Management Cleaning Other Couriers Security Industrial Gases Uniforms Merchant Card Fees Up to three choices possible Source:EBS Business School & Expense Reduction “The first step on the road to cost reduction is to identify what is currently going wrong and what expenses are vital to cut!”
- 7. 2. Not be proactive “A lack of time is one of the main obstructions to effective cost reduction”
- 8. 3. Not Knowing how much you should spend “Most managers believe that what our company is spending is the <<right>> amount to be spent. However, too often this seems to be an illusion!”
- 9. 4. Not regularly measuring your usage “Without a clear monitoring and measuring system it is impossible to gauge where resources are being wasted”
- 11. Rely on Experts
- 14. Stephan Wagner Managing Director
- 15. CFO? Take care of …Yourself
- 16. Monitor and drive profitability Improve business processes Strive towards operational excellence Support various business units Reduce expenses Interact with multiple third parties Manage a team
- 17. “ I feel I’m spending too much time on day-to-day stuff” “I’ve not really the time to focus on some important projects” “I’m working too many hours, never see my kids” “There are a lot of tasks I feel I cannot delegate ”
- 18. 4 focus points with a great pay-back
- 19. No 1 Use the urgent - important matrix
- 20. Monitor your activities for a few days Analyze how to transfer from Q3 and Q4 to Q2 Repeat after a few months
- 21. 4 x 2 hours rule 2h day to day work 2h training & managing my team 2h working on new value added projects for the company 2h for getting fueled (essential reading / networking / training)
- 22. No 2 Manage your emails smartly
- 23. Don’t get disrupted by incoming emails Check your emails 3 times max per day - one session will be dedicated to answer emails which need more attention Use only 3 folders to manage your in-box 1. answered 2. to be answered 3. forget it
- 24. No 3 Delegate (…smartly)
- 25. Pick 2 - 4 talents in your team Manage by objectives and by projects Delegate Give clear objectives / follow-up / give feed-back Train them
- 26. No 4 Get out of your office!
- 27. Visit your clients, your suppliers, other company’s locations Read things on the internet Investigate new technologies Talk to colleagues / third parties Network Get some training
- 28. Thanks and have fun!
Editor's Notes
- Most businesses have taken measures to preserve capital and control spending. These measures work well the first time, but often do not deliver significant beneficial effects on long term performance of the company as they tend to become obsolete over the time.
- It is important to quickly reach a comprehensive understanding of the particular things you are doing wrong and the mistakes you are making before you can start to work on the solution. Managers do not focus on the hidden costs that continue to reduce the profitability of the business and ultimately the prospect of development. Often managers, under the pressure to act and achieve direct effect, take drastic measures that are not realistic in the long run and, if anything, target expenditures that do not add value to the business. In other cases, managers do not have the right information and expertise in cost reduction actions, thus take horizontal measures and not exploit opportunities for real savings. ΠΟΝΑΕΙ ΚΕΦΑΛΙ ΚΟΨΕΙ ΚΕΦΑΛΙ
- Too often other initiatives (e.g. sales and marketing) take priority over continuous cost reduction. As a result, most companies face the cost management as «one-off exercise» after some delay in their financial results and they are usually aimed at short-term costs with significantly limited effects on long-term rationalization of expenditure. Finding and setting aside the time to work out the best way to reduce your costs is half the battle.
- To prevent that, managers should produce and regularly analyse a breakdown of their cost structure and actively seek ways to reduce cost. An effective way of reducing costs is to outsource the entire process so as to benefit from the experience and expertise of specialists. Allowing the company to be examined by a fresh set of eyes can benefit the company enormously, as the outside company’s objective perspective will transcend the subjective gaze with which employees regard the company. An objective view can shake and wake up the company from its languorous slumber and enlighten the managers to new ways of reducing costs. Their experience in this field means that their suggestions have been tried and tested.