Week 4 Day 5 Action Items

Day 5

• [ ] Explore strategies for controlling and reducing business expenses.
• [ ] Identify areas in your business where expense controls can be strengthened.

Expense Control Assessment Checklist

Review Budgets and Actual Expenses:

• [ ] Compare budgeted expenses with actual spending in each category.
• [ ] Identify areas where actual spending consistently exceeds the allocated budget.

Analyze Variable Expenses:

• [ ] Examine variable costs such as raw materials, supplies, and utilities.
• [ ] Look for opportunities to negotiate better rates with suppliers or find more cost-effective alternatives.

Assess Fixed Costs:

• [ ] Evaluate fixed expenses like rent, insurance, and subscriptions.
• [ ] Explore options for renegotiating contracts or finding more affordable alternatives without compromising quality.

Travel and Entertainment Expenses:

• [ ] Analyze travel costs, accommodation, and entertainment expenditures.
• [ ] Implement stricter policies or guidelines to control unnecessary or excessive spending in these areas.

Employee-related Expenses: