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26 May 2020

A CHECKLIST: How to cut costs without killing culture

Daniel Murray

“Cutting costs should be surgery not butchery” – Daniel Murray

The decisions you make over the next few weeks will shape the next five years of your business. As part of the Innovation & Tech Fest webinar series, Daniel Murray, founder and director of Empathic Consulting provided some clear direction for those who need to reduce costs but don’t want to kill the work culture.

Here are his steps to becoming a leader who shows up, is courageous and creates order.

Be a leader who shows up

  • Set clear intentions
  • During cost analysis, remember numbers don’t reflect value
  • Build a movement not a reaction
  • Develop guiding principles to remind you what is right
  • Focus on the activities not the people
  • Remember that as a leader what you say really matters

Build a trusted working group

  • Build a Trusted Working Group
  • Don’t go to an external consultant
  • Empower trusted people in your team
  • Ask everyone in your organisation for cost cutting ideas
  • Share the responsibility
  • Own the accountability

Implement quick wins

  • Implement quick wins
  • Build momentum with quick wins
  • Change mindsets with quick wins
  • Ask:
    • Why do we do that?
    • Do we need to do it?
    • Do we need to do it at all?
  • Earn loyalty through actions
  • Capture your competitors’ customers
  • Build trust with stakeholders
  • Hire the best talent in the market
  • Show you are a leader worth following

Think small not big

  • Don’t think big. Think small.
  • Make progress through small windows of opportunity

Take your knowledge of cost cutting without killing culture further by viewing the full episode.

WATCH WEBINAR

 

 

 

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