What is your approach to cost reduction without cutting quality?

I've tried renegotiating contracts with existing suppliers but it didn't yield as much savings as I'd hoped, we ended up with pretty much the same terms.

Generally we've found that streamlining our internal processes can make a big difference, so I'd look at areas like automating repetitive tasks or reducing energy consumption. What specific areas of the business is the board looking to make these savings in, is it mainly operational or are they open to suggestions? I'm curious to know what kind of flexibility you have to explore different options for making those savings.

We've had good luck with implementing a spend freeze on non-essential travel and training, it's saved us a packet.

Considering the board's target, I'm worried we might overlook the long term implications of cutting costs in certain areas. Maybe we should also think about where those savings will come from in future years, so we don't end up with a cost savings deficit down the line.

Honestly I think you should take a closer look at your IT costs, we've seen companies save up to 12% by switching to cloud based services like AWS. Cutting back on physical servers and moving to a pay as you go model can make a big dent in your overall spending, around 8% in our experience.

From my experience, one area that's often overlooked is facilities management, we've managed to save a significant amount by subletting unused office space and renegotiating our lease terms. This approach has worked well for us as it doesn't impact our core operations or team size. I'd definitely recommend exploring this option, it's a relatively simple way to make some quick savings without compromising on quality or service.

Our team's been focusing on reducing waste in our procurement process, it's amazing how much you can save by just making sure you're not overordering or holding too much stock, we've managed to shave off a decent chunk of our budget by getting that under control.