Cost Cutting: Use these sample phrases to craft meaningful performance evaluations, drive change and motivate your workforce.
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?