1037. The Big Three: Protecting People, Marketing, and Mentorship During Downturns
The Kelly Roach Show
Kelly Roach
4.9 • 965 Ratings
🗓️ 27 June 2024
⏱️ 24 minutes
🧾️ Download transcript
Summary
In this episode of The Kelly Roach Show, Kelly tackles the pressing subject of effective and constructive cost reduction in business, emphasizing the crucial role of mentorship during downturns. As the business climate becomes increasingly challenging, leaders must learn how to handle cost reductions without crippling their growth potential. Kelly emphasizes the importance of strategic cost reduction, cautioning against hastily slashing budgets, especially in key areas like personnel, marketing, and mentorship. She shares her approach to identifying redundancies, prioritizing essential investments, and renegotiating with vendors to protect the long-term growth prospects of a business.
Also in this episode:
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Slashing budgets in critical areas such as staff, marketing, and mentorship stifles future growth.
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Focus on eliminating unnecessary costs, especially in technology and subscriptions.
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Regularly review and negotiate vendor contracts to ensure cost-efficient services.
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Fully utilize existing tools and coaching programs to turn expenses into investments.
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Ensure all staff roles are aligned with profit-generating tasks and maintain flexibility to navigate market challenges.
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Transcript
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| 0:00.0 | Welcome to the Kelly Roach Show, the place for no-fluff, easy to implement 20 minute or less business and leadership lessons to help you build a sustainable business that scales. |
| 0:17.0 | Lead with integrity and create a lasting legacy. |
| 0:21.0 | I'm Kelly Roach, former NFL cheerleader and Fortune 500 executive turned |
| 0:25.9 | eight figure entrepreneur. Let's get started. |
| 0:30.3 | Welcome back to the Kelly Road Show. Today we are going to talk about how to do an effective and constructive cost reduction in your business. |
| 0:39.0 | And this is a skill that you are going to need to develop if you haven't already. |
| 0:44.0 | And this is something that most business leaders absolutely get wrong. |
| 0:49.0 | And it takes a business from a situation where it may have had a little dip for a month or two |
| 0:56.2 | and it turns it into sometimes years of struggle because they make cuts the wrong way and too deep and it actually prevents their business from growing. |
| 1:06.2 | Now I know that everyone has the same things on their mind right now and that is the business climate is rough and the economy is contracting and |
| 1:16.2 | even if you are winning right now we have some of my companies that are winning and |
| 1:21.0 | doing really well right now but the truth of the matter is it is hard |
| 1:24.9 | and we have to be in very laser precise focused action every single day in order to |
| 1:31.7 | create those results so regardless of whether your |
| 1:34.5 | business had an amazing start to the year or maybe you had a rough start to the |
| 1:38.4 | year, this episode is for you because learning how to do expansion versus contraction leadership is |
| 1:46.4 | par for the course and it's a really important part of becoming a great |
| 1:50.2 | leader or a great CEO. The truth is is you are going to lead through all climates and you want to |
| 1:56.7 | learn how to maintain the ability to make decisions strategically while navigating rough waters so that you can make it safely to shore. |
| 2:07.6 | And you know, I experienced this obviously. |
| 2:09.6 | I came from the Fortune 500 world and I experienced many times very dramatic cuts that came |
| 2:15.8 | from the top that weren't necessarily actually good for the growth of the company |
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