Cost Cutting: 40 Useful Performance Feedback Phrases

Cost Cutting is the ability to reduce costs or workplace expenses that may be excess costs that can be limited.

Cost Cutting: Exceeds Expectations Phrases

• Stores the majority of company documents and data on soft copy and scans documents if necessary in order to avoid printing costs
• Tries to negotiate a lower Annual Percentage Rate for the company's credit cards with the provider in order to save money on small purchases or travel expenses
• Negotiates lower prices for products and services with the company suppliers and manufacturers
• Pays invoices as soon as one receives them in order to enjoy discounts and build strong relationships with suppliers
• Uses email when sending simple messages like requests to vendors in order to cut paper, stamp, and envelope cost
• Brings in contractors for short-term jobs so that one pays only for the hours worked
• Uses online resources to conduct meetings with employees in multiple locations in order to avoid traveling expenses
• Allows employees to work from home few days a week in order to try and save on bills
• Uses free conferencing call services instead of telephone systems to communicate with employees in remote areas in order to cut calling costs
• Embraces a lack of experience; reaches out to the local colleges for interns or looks for people who are at the lower end of the pay scale

Cost Cutting: Meets Expectations Phrases

• Conducts meetings to educate employees on the need to cut costs and asks suggestions from them on the same
• Downloads free forms online instead of buying them from the local office supply store
• Checks auctions and newspaper classifieds for used equipment such as copiers and office furniture
• Considers the situations that can be catastrophic to the company and protects the company with adequate insurance
• Arranges for an alternative place to run the company in case of a major disaster in order to save on business interruption insurance
• Visits free software websites to download free software products, free trials, or limited versions of the full products
• Orders the company checks from a printing company rather than getting them from a bank
• Checks up on medical insurance for information on past claims or the loss ratio of the paid claims to premiums before buying their services
• Joins with trade associations or other companies in order to enjoy bulk purchasing discounts
• Is reluctant to give credit; thoroughly checks a client's credit background before extending credit

Cost Cutting: Needs Improvement Phrases

• Assumes that many company costs are fixed and does not care to check the cost incurred every year for each service
• Regards working from home for employees as a way to encourage laziness, not a way to save on commuting allowances
• Gets all the company checks from the bank rather than considering ordering them from a printing company
• Purchases office equipment without shopping around first to find the best deals
• Does not negotiate with the company's suppliers, manufacturers, or professional consultants for products' and services' discounts
• Always pays invoices late thus faces late payment charges and penalties
• Does not hire interns or take the time to look for people who are at the lower end of the pay scale
• Does not take the time to educate employees on the importance of cost cutting or listen to suggestions about the subject
• Uses telephone systems to communicate with employees in remote areas and does not consider trying the available free call services
• Stores company documents in printed form instead of scanning and saving them in hard drives and therefore save on paper and ink

Cost Cutting: Self Evaluation Questions

• What are some of the things that you have done to help cut costs in your company?
• Describe a time when you have helped your company save the most. What expense was it and how did you go about it?
• How do you go about purchasing the best product for your company? What are some of the challenges you have faced?
• How do you make sure to avoid mistakes at work that may cost the company money?
• Describe the most recent budget you have prepared. What are some of the items you included in the budget?
• Describe a time when you have identified hidden charges in a company's software. How did you go about it?
• What are some of the things that you have done to educate other employees on the importance of cost cutting?
• Describe a time when you had to do away with a project because it was very expensive. Why did you feel it was expensive?
• In your opinion, do you think working from home saves the company money, or it's just a way to encourage laziness? Explain your answer
• Given a chance, what are some of the things you would change in your company to help it cut its expenses?