It is easy to think about managing costs as ‘cutting’. It isn’t – it’s about your attitude to resources and priorities; less about what you spend money on than how you think about the way you spend it.
Frequency – continuous; there is always money to be saved!
Key participants – anyone with a budget.
Leadership rating ***
As a business leader, you will inevitably have some financial responsibility. You will be expected to demonstrate financial management – in particular the ability to deliver your team’s planned performance within budget. You must aim to apply six principles.