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Expense Reduction Business Idea

If you enjoy working with numbers, seeking out savings, and pinching pennies, you may want to consider a new business as an expense reduction consultant.

Your services will be welcomed at all sized companies, in Government Agencies, and even by individual homeowners.

The best income would be with large or fast growing companies. Large companies typically have a lot of waste in their processes. Fast growing companies are too busy keeping up with the market to realize how much they spend in certain areas.

What Does An Expense Reduction Consultant Do?

Companies that are very large or that grow quickly are always looking for ways to save money, but frequently have neither the personnel nor the time to really zero in on their expenses. This is where the expense reduction consultant is needed most.

You can give an "outsider’s" perspective on their business operations – possibly seeing things they are blind to, analyzing their overall business model, and unlocking measurable, sustainable savings. To excel you will need mathematical ability, analytical skills, research ability, and interpersonal skills.

This is where you may be able to bring in some environmentally friendly changes also. Even though some green methods may be initially slightly higher in cost, the costs can be offset down the road with long term savings and/or public image improvements.

Advertising And Expanding Your Business

Use your first job to get your foot in the door, and then work from there. As you gain success stories, your reputation will spread within the business community, but it never hurts to bring attention to your skills with a marketing campaign.

As you do jobs, you will also pick up shortcuts to savings that you can use with multiple clients thus saving yourself time and money. You could offer a free savings assessment overview to get into new jobs as well.

While you are doing the overall cost savings analysis, you will often find that changes in certain procedures lead to greater cost savings. This is another aspect that you may want to offer clients: process improvement consulting. The two areas are related, and it would be very simple for you to offer both services.

For smaller clients, you can do the cost savings run through for a set fee and also create a subscription based newsletter for them that will keep them informed about new methods and tips for reducing operating expenses. You can offer clients of all sizes plans for cost reduction, debt reduction, and cost control for their business operations.

Before you begin, be sure to have adequate general business liability and professional liability insurance. This will protect you and your reputation as an expense reduction consultant against possible claims of damage that might occur as you encourage clients to make changes in their operations.

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