Fifty Ways to reduce costs. The checklist Part 4

This is the core of a formal review which you can do as a proper management task. The full checklist comprises FIFTY ways to save costs, so save this for later and then work out how best to approach the matter in your organisation. This is a serious list for a serious situation.

1.4 Reducing your Bank Interest.4.

1.4.1 Check every purchase invoice with the purchase order and if there’s any discrepancy, place it ‘on hold’ and use it as a reason for not paying

1.4.2 Take a critical look at every invoice you are about to pay, call the supplier and tell them that if they’ll accept 75% then you’ll pay it today (I’ve seen it done and at a 50% reduction level, the suppliers accepted it and then carried on with their further supplies.) You can only do it once!