For all the companies looking for savings, this cost savings opportunity template download can help quantify, prioritize, and assign responsibility for cost savings initiatives.
Mike Sisco has used this template many times in his CIO role to help department heads brainstorm and define targeted cost-saving opportunities, and it can help you do the same. The template allows you to establish a game plan, quantify the potential dollar opportunity, and monitor results as frequently as you would like.
Three steps to cost savings
The trick to achieving tangible cost savings is to actively define targets and commit to executing the tasks required to achieve the savings. Putting each initiative down on paper, assigning responsibility, and making frequent progress status checks can generate fantastic results.
Follow these steps to develop a company cost savings initiative with your CFO.
- Hand out the template to each department head and schedule a department head meeting to discuss their recommendations.
- Document the specific cost savings initiatives and assign responsibility. The template segments include:
- Monthly cost: Record the current monthly expense being incurred.
- Estimated savings: Project the savings you can achieve.
- Recurring or one-time: Determine whether the savings is ongoing.
- Annual savings: Project the annual savings opportunity.
- Target date: Establish a completion date.
- Responsibility: Determine the manager responsible for driving each initiative.
- Status: Use this comment section for future status meetings.
- Schedule regular status meetings to monitor progress and encourage the entire management team to help one another in these important initiatives.
Users can customize the template to easily view individual project opportunities as well as the entire picture of all cost savings opportunity initiatives. By listing all the initiatives in this Excel spreadsheet, you can easily sort the columns to view projects by completion date, value of the opportunity, or responsibility.
Any company can benefit by having an ongoing cost savings initiative program. Your results will be better when you have a senior manager driving the process and all managers buying in to the potential.
Mike Sisco is the CEO of MDE Enterprises, an IT management training and consulting company. For more of Mike’s management insight, take a look at his IT Manager Development Series.