Thursday 2nd September 2010 - Published by Lara Page - Account Manager
Cutting costs can boost profits, company claims
COMPANIES can save up to £100,000 if they get serious about tackling costs, it has been claimed.
Wofinden Warrack, a Bristol-based cost-savings company, has saved one of its clients six figures after identifying areas in which they were over spending or were being over charged.
The company, which works with large and small firms, said many businesses believe trying to reduce their outgoings was a waste of time, but huge savings could be made if done properly.
Routine business expenditure such as post/freight, office supplies, banking insurance, telephone and mobile contracts, power, heating, and travel could creep up over time.
Crucially Wofinden Warrack runs a no savings-no fee policy.
Director Matthew Wofinden said: "Many price increases are so gradual that they go unnoticed, but over a five year period this could increase the cost of production by 25 per cent.
"There are many areas of business expenditure that this can happen in, and it is no reflection on staff or management. Often there seems to be no need to question the amounts being paid."
He said areas of expenditure were sometimes overlooked due to the amount of goods being purchased - large or small - and the longevity of a relationship with an existing supplier.
A spokesman for Lewis Group, a property holding company, said: "We retained Wofinden Warrack on a cost saving exercise, with one initial meeting and a few phone calls for clarity within two weeks they had accrued savings of more than £100,000 with a far more comprehensive and controllable procurement process across the company."
A spokesman for Eastlake developments, a property development company, said: "I was unsure that there were any achievable savings to be made within our company but having done a large process reengineering audit, and implemented the streamlining ideas we have made substantial savings. I am very impressed with the Wofinden Warrack work ethic and have recommended them to many fellow business owners.
A spokesman for Hubclothing added: "I used Wofinden Warrack for a cost saving audit and although I am a small, single outlet clothes shop, they still managed to save me £8,000 per annum."
No savings- No Fees - a pr2go story
