3 Myths About Expense Reduction Analysts
Today’s CFOs and financial professionals are probably too familiar with the pressures to reduce operating costs and increase profitability. Although, despite your efforts, it’s likely there are many areas your organization can save. That is if you understand where to look and how to negotiate with vendors. Expense reduction analysts are experts in both of these tasks and have the ability to create very effective long-term cost reduction plans for your organization. However, some are still hesitant to hire an expense reduction analyst because of some myths about the industry. Here are 3 of the biggest myths, debunked.
Expense Reduction Analysts Are Expensive
If your organization needs to save money the last thing you want to do is hire an outside consultant and add another expense to the balance sheet. Fortunately, an experienced expense reduction consultant understands this need and works with you to find savings, not add additional costs. In fact, most consultants work on a contingency basis, which means they don’t get anything unless they save you money. Therefore, hiring an expense reduction analyst only costs a portion of what they save.
Expense Reduction Analysts Charge Fees Upfront
As you’ve just read, an expense reduction analyst only gets paid if they save your organization money. Yet, many still don’t believe this and feel like there has to be a “catch” or some kind of upfront fee. However, an expense reduction professional with experience knows they can save your business money and shouldn’t require a fee to develop a savings plan. If an analyst asks for money upfront they’re probably are unsure if they can help you and it’s best to move on.
Expense Reduction Analysts Don’t Know My Industry
A final myth about expense reduction analysts is that they don’t know the intricacies of a particular industry. However, this simply isn’t true. While there probably isn’t one analyst that understands every industry, most specialize in several and understand them extremely well. Therefore, look for an analyst that has a track record of success in your particular industry. A good analyst will offer to provide you with a portfolio of case studies to showcase their successes.