Review processes with your staff.
Often, they know of things that are duplicative or no longer necessary.
Remember that software upgrade that improved efficiency?
Did you really rework your process to take advantage of the efficiency. Perhaps you no longer need that routine sign-off or other changes. Check all of these areas.
Check if you really need all your software subscriptions.
Those things just don’t let go and the costs can add up across staff.
Negotiate anything worth the time.
Obtain three bids. While usually this seems like extra work it often can reduce costs signficinatly. We once reduced insurance costs 50% which was a very material number.
Look at your management structure.
Do you have a layer or layers that really are not necessary? Can these people do some production or sales along with management?
Training.
While training in the short term is an expense in the long term it allows your staff to be more efficent and do higher level things. For many companies well trained staff is the key to efficent growth. Do you have a plan for each person? How are you training and advancing your people?
Capital Costs.
There is a reason CNC machines replaced saws and drills. You do not want to overinvest, but at some point equipment needs to be added or updated to be competative. If you have a lot of equipment, you should have a replacement schedule as a guide that highlights when to review each piece and what is needed in the future for your budgets.
Develop a planning process.
These things should be part of a planning process that includes KPI’s, projections, training and capital investments, and is monitored at least monthly at each level of the company.