Focus on Cost Savings: If It Doesn't Make Dollars, It Doesn't Make Sense
On May 31, 1995, David Marvin Blake, better known by his stage name as DJ Quik, released a song called ‘Dollaz and Sense’ – 90’s hip-hop at its very best. You know the kind…a funky rhyme with an overly synthesized beat and a horribly photo-shopped album cover that really drives home the 90’s electric vibe when it comes to music. What really perks up the ears of hip-hop lovers everywhere are the lyrics in the chorus that go a little something like this…“if it don’t make dollars, it don’t make sense”. Even back in the 90’s when big hair was still a fad and faded jeans were all the rage, these words were words to live by (and still are today).
So, as a small business owner, ask yourself – are you focused on cost savings? And while you’re at it, ask yourself a few of these questions too:
- How much have you reduced overtime/payroll?
- Can you measure notable cost savings on your fuel bill?
- Are you able to count how many additional jobs you’ve completed?
- Have you reduced motor vehicle accidents within your fleet?
Our challenge to you is to spend some time reviewing your expenses from the past 3 – 6 months, honing in on these categories specifically:
- Fuel Spend
- Payroll Hours/Overtime Spend
- Safety/Motor Vehicle Accidents
Here’s the million dollar question: which way are your expenses trending? If they are trending up, don’t get too discouraged. Having actionable data at your fingertips will help you make smarter business decisions and deliver cost savings. You may ask, “How do I get access to actionable data?”. Our answer…telematics. Having an intuitive telematics solution will help you to roll out policies and driver incentive campaigns to help your drivers’ behavior positively change for the better. Not only will it make your life easier, it will save you ‘dollars and sense’.
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About the Writer: Justin Waite
is a 2008 graduate of Youngstown State University and has worked at Fleetmatics for over six years. He currently serves as the Manager of our Strategic Account Services Team in Solon, Ohio.
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