Budget Tips There is an old saying “control the controllable” which succinctly describes why you should budget all your expenses every year. • Nothing is sacred • Every cost is up for review / cut minor costs • Go over delegated authority levels and consequences • Look over suppliers then look again • Extend Accounts Payable to 45 - 60 days • Look closely at wages and HR • You need a ‘bad guy’ • Technology costs can be a big & dark hole. Make sure you quantify ROI on proposed technology upgrades • Keep HR scarce • Titles are cheap ‘Distribute them generously’ • Stop spending unless you are sure you need that cost • All pressure in companies seems to be always adding costs • If in doubt, cut more and spend less • Invoice requisitions, don’t set budgets, announce that anyone wanting to spend money must contact the principal • Be ruthless with your internal staff functions (Legal/HR/Accounts and Finance) • Close outside contractor loopholes • Last step - do it all over again! Annexure | 123
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