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30-Day Money-Back Guarantee

This course includes:

  • 8 hours on-demand video
  • 2 articles
  • 53 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
Business Business Strategy

Cost Reduction for Managers & Management Consultants

Practical guide how to cut costs in business & in private life. Learn how efficiently to conduct cost cutting projects
Rating: 4.4 out of 54.4 (85 ratings)
1,703 students
Created by Asen Gyczew
Last updated 11/2020
English
English [Auto]
30-Day Money-Back Guarantee

What you'll learn

  • How to conduct a Cost Reduction Projects
  • Identify quick wins when it comes to savings, cost cutting
  • Apply the right frameworks and techniques from your management consulting toolbox
  • Analyze investments in Excel
  • Conduct make-or-buy analysis in practice
  • Analyze in Excel potential improvements in Retail, FMCG on the level of McKinsey, BCG, Bain
  • Find ways to cut cost of the business you manage
Curated for the Udemy for Business collection

Requirements

  • Basic or intermediate Excel
  • Basic knowledge of economics or finance

Description

What is the aim of this course?

Every company has to control costs in order to survive and prosper. Therefore, many firms on regular basis perform cost reduction projects. Cost reduction project may be part of a wider Performance Improvement Project or be a standalone project carried out only in one of the business units. Those projects are extremely interesting because you will be able to make a real change, create a new reality and improve part of the business or even the whole business. There are also very difficult as you have to not only analyze areas but also find ways to cut costs, improve the current situation as well as, on some occasions, implement the change. The skills that you will learn during this sort of projects will be also very useful once you move to work for regular businesses or set-up your own firm. In this course I will show you how to deliver such projects fast and efficiently. In the course you will learn the following things:

  1. How to identify potential savings especially quick wins

  2. How to optimize processes

  3. How to analyze investments

  4. How to carry out make-or-buy analysis

  5. How to spend less

This course is based on my 15 years of experience as a consultant in top consulting firms and as a Board Member responsible for strategy, performance improvement and turn-arounds in biggest firms from Retail, FMCG, SMG, B2B and services sectors that I worked for. I have carried or supervised over 90 different performance improvement projects in different industries that generated in total 2 billion of additional EBITDA. On the basis of what you will find in this course I have trained in person over 100 consultants, business analysts and managers who now are Partners in PE and VC funds, Investment Directors and Business Analysts in PE and VC, Operational Directors, COO, CRO, CEO, Directors in Consulting Companies, Board Members etc. On top of that my courses on Udemy were already taken by more than 60 000 students including people working in EY, Walmart, Booz Allen Hamilton, Alvarez & Marsal, PwC, Dell, Walgreens, Orange and many others

I teach through case studies, so you will have a lot of lectures showing examples of analyses, tools that we use. To every lecture you will find attached (in additional resources) the Excels as well as additional presentations, materials shown in the lectures so as a part of this course you will also get a library of ready-made analyses that can, with certain modification, be applied by you or your team in your work.

Why I decided to create this course?

As a manager quite often you will have to find ways to spend less, reduce costs. This is not an easy task as you will have to increase efficiency and quality at the same time. Luckily, there are a lot of techniques that will help you in a structured way look for savings that will help you improve the profits of your business. In this course I will teach you how to find potential savings, estimate them in Excel and how to make sure that they don’t impact quality or efficiency. We will use for that management consulting tools, techniques and frameworks from top management consulting firms.

This course will help you become an expert in the field cost cutting, cost reduction which will be extremely useful not only in consulting but also later on when you become director or you move on to build your own business. By giving you exposure to real life cases and analyses I want to improve your skills in analyzing the right things fast and implementing the improvements that you have identified. Thanks to this course, you will know what and how to do during a cost cutting projects to deliver ahead of deadlines high quality products.

To sum it up, the course will help you become an expert in cost reduction, cost-cutting on the level of McKinsey, BCG, Bain, PwC, Deloitte, EY and other top consulting firms. That is why, I highly recommend this course to Managers, Management Consultants as well as Investment Directors working for PE, Directors, owners / founders of businesses that need better to improve their profitability and prepare for scaling.


In what way will you benefit from this course?

The course is a practical, step by step guide loaded with tones of analyses, tricks, hints that will significantly improve the speed with which you understand, analyze the business considered for acquisition. There is little theory – mainly examples, a lot of tips from my own experience as well as other notable examples worth mentioning. Our intention is that thanks to the course you will learn:

  1. How to identify potential savings especially quick wins

  2. How to optimize processes

  3. How to analyze investments

  4. How to carry out make-or-buy analysis

  5. How to spend less

You can also ask me any question either through the discussion field or by messaging me directly.


How the course is organized?

The course is divided currently in 8 sections. Currently you will find the following sections:

  • Introduction. We begin with little intro into the course as well as some general info how the course is organized

  • Cost reduction frameworks. In the second section I will show you the main frameworks that will help you with cost reduction. We will have a look at the general framework. I will also show you the adjustments for FMCG and retail. Frameworks are great because they help you see the big picture. They also provide you with guidance what to do to achieve your goals

  • Quick wins. In this section I will show you how to identify the so called quick wins – in other words big savings that you can easily achieve, implement. We will start with 2 general frameworks (80/20 and low hanging fruits) and I will show you how we can apply it to finding the projects that will generate big savings.

  • Process optimization in practice – Retail chain example. In the 4th section I show you how to reduce cost of process in practice. For that I will use an example of processes in a store. You will see how you should calculate the cost of the processes and what techniques you should apply to optimize processes and achieve cost reduction, savings.

  • Make-or-buy analysis. In the 5th section we will discuss Make-or-buy analysis. You will be carrying them out after you have implemented the quick wins. They will help you find ways to further reduce costs. Make-or-buy analysis is extremely important tool that will help you decide in a rational way what you should do in-house and what to buy

  • Investment analyses. A lot of money can be saved by proper investment policy. In this section I will show you how to analyze in practice investments aiming at reducing costs

  • Reduce usage. In this section I will show you how you can cut costs by reducing the usage of certain things that you firm is using

  • Spend less. In the last section I will show you how to reduce your own private spending, expenditures. These examples will help you understand and implement the general approach to cost cutting. It will also help you reduce your own personal wealth


You will be able also to download many additional resources

  1. Useful frameworks and techniques

  2. List of resources useful during a performance improvement projects

  3. Selected analyses shown in the course

  4. Links to additional presentations, articles and movies

  5. Links to books worth reading


At the end of my course, students will be able to…

  • How to conduct a Cost Reduction Projects

  • Apply the right frameworks and techniques from your management consulting toolbox

  • Identify quick wins when it comes to savings

  • Analyze investments in Excel

  • Conduct make-or-buy analysis in practice

  • Analyze in Excel potential improvements in Retail, FMCG on the level of McKinsey, BCG, Bain

  • Manage efficiently a consulting project devoted to performance improvement

  • Find ways to cut cost of the business you manage

Who should take this course? Who should not?

  • Managers who want to increase the profitability of their business

  • Manager you want to reduce costs

  • Owners of small and mid-sized businesses

  • Management Consultants and Business Analysts

  • Investment Directors

  • Financial Controllers


What will students need to know or do before starting this course?

  • Basic or intermediate Excel

  • Basic knowledge of economics or finance

Who this course is for:

  • Managers who want to increase the profitability of their business
  • Manager you want to reduce costs, cut costs
  • Owners of small and mid-sized businesses
  • Management Consultants and Business Analysts
  • Investment Directors
  • Financial Controllers

Course content

9 sections • 194 lectures • 8h 0m total length

  • Preview02:30
  • Preview01:47
  • How this course will be organized?
    02:22
  • Preview02:04
  • Preview01:05

  • Cost reduction frameworks – Introduction
    01:28
  • Preview03:01
  • Increasing margins framework – Retail & B2C Services
    03:14
  • Preview00:52
  • Preview04:27
  • How to increase the profitability for cosmetics producer – Cost Reduction
    03:32
  • How to increase the profitability of a retail chain – Problem
    01:36
  • How to increase the profitability of a retail chain – Solution – Sales Increase
    03:17
  • How to increase the profitability of a retail chain – Solution – Cost Reduction
    04:09

  • Preview00:59
  • Preview02:51
  • Preview02:27
  • Preview02:49
  • Preview01:21
  • Preview00:57
  • Preview02:59
  • Preview03:06
  • Preview02:39
  • Preview03:49

  • Preview01:01
  • Preview04:26
  • Workshop - Introduction
    02:09
  • Workshop – the scope of the project
    03:01
  • Workshop – Tools overview
    02:07
  • Lean manufacturing - introduction
    04:56
  • Theory of constraints - introduction
    03:14
  • Queing problem - Introduction
    03:34
  • OEE introduction
    03:10
  • Workshop – defining metrics and cost drivers
    02:13
  • Workshop – optimizing 1 process
    02:34
  • Workshop – optimizing 1 process - Excel file
    02:17
  • Workshop – timeline of the project
    01:21
  • The store and the processes
    01:24
  • Price Change
    03:14
  • Price Change - calculation in Excel
    02:24
  • Preview02:55
  • Preview02:23
  • Advising customers - Introduction
    02:52
  • Advising customers - General solution
    03:17
  • Advising customers - Details and results
    03:43
  • Advising customers - Calculation in Excel
    01:49
  • Cash till and info point
    01:54
  • Other potential improvements
    02:25
  • Process cost estimation by groups
    02:03
  • Summary of all costs and savings
    02:51

  • Preview01:45
  • Preview02:43
  • Preview01:33
  • Preview04:08
  • Preview01:32
  • Preview01:39
  • Make–or–buy courses – Case Introduction
    01:37
  • Make–or–buy courses – Make Option
    03:51
  • Make–or–buy courses – Buy Option
    01:50
  • Make–or–buy courses – Compariosn
    02:40
  • Make it or buy it – When to make even if it is more expensive
    02:42
  • Delegating some work to others – Case Introduction
    01:25
  • Delegating some work to others – Analysis of activities
    02:57
  • Delegating some work to others – Summary
    01:47

  • Preview01:41
  • Cost reduction Investment – Retail – Introduction
    01:14
  • Cost reduction Investment – Retail – Current Costs
    04:08
  • Cost reduction Investment – Retail – Future Costs
    02:22
  • Cost reduction Investment – Retail – NPV
    02:50
  • Cost reduction Investment – Retail – Solution in Power Point
    01:29
  • Cost reduction Investment – Ceramic Tiles – Introduction
    01:30
  • Cost reduction Investment – Ceramic Tiles – Current Costs
    02:23
  • Cost reduction Investment – Ceramic Tiles – Future Costs
    02:41
  • Cost reduction Investment – Ceramic Tiles – NPV
    04:22
  • Cost reduction Investment – Ceramic Tiles – Solution in Power Point
    02:06
  • Analyzing the profitability of sales channels - introduction
    01:59
  • Analyzing the profitability of sales channels -example of audit services
    03:54
  • Analyzing the profitability of sales channels -example of selling small services
    07:31
  • How to motivate not yours sales reps – Case Introduction
    02:33
  • How to motivate not yours sales reps – Trainings
    04:58
  • How to motivate not yours sales reps – Contests
    02:17
  • How to motivate not yours sales reps – Incentive trips
    02:32
  • How to motivate not yours sales reps – Loyalty program
    02:19
  • How to motivate not yours sales reps – Summary and Comparison in Excel
    02:01
  • How to motivate not yours sales reps – Solution in Power Point
    02:26
  • Sell non–core assets – Introduction
    02:14
  • Sell non–core assets – Cosmetics – Introduction
    00:50
  • Sell non–core assets – Cosmetics – Solution for the Hotel
    03:28
  • Sell non–core assets – Cosmetics – Solution for the Kindergarten
    03:19

  • Preview01:08
  • Preview01:01
  • Preview02:58
  • Preview02:08
  • Use less – Cosmetics Producer – Case Introduction
    01:31
  • Use less – Cosmetics Producer – Available Data
    02:29
  • Use less – Cosmetics Producer – Solution in Excel
    03:36
  • Use cheaper substiute – Drugstore chain – Case Introduction
    00:59
  • Use cheaper substiute – Drugstore chain – Available Data
    02:12
  • Use cheaper substiute – Drugstore chain – HQ Analyses
    02:47
  • Use cheaper substiute – Drugstore chain – Boxes & Summary
    02:23
  • Waste analysis
    02:52
  • Decrease waste – Case Introduction – Plywood
    01:01
  • Decrease waste – Data Available
    06:20
  • Decrease waste – Case Study – Solution
    03:52

  • Cost Reduction in Private Life
    00:56
  • Preview01:27
  • Preview04:07
  • Why you need data on what you spend your money?
    03:21
  • How to get data on how you spend your money
    03:33
  • Analysis of Giuseppe expenses – Introduction
    00:54
  • Analysis of Giuseppe expenses – Data Available
    03:50
  • Analysis of Giuseppe expenses – Analysis by Reasons
    03:02
  • Analysis of Giuseppe expenses – Analysis by Categories
    02:00
  • Analysis of Giuseppe expenses – Joint Analysis
    02:02
  • Analysis of Giuseppe expenses – How to do it – Pivot Tables
    03:56
  • Preview01:33
  • Preview01:02
  • Preview01:49
  • Preview03:30
  • Reduce how often you replace something – Case Introduction
    00:50
  • Reduce how often you replace something – Data Available
    01:59
  • Reduce how often you replace something – Analysis in Excel
    02:54
  • Reduce how often you replace something – Summary in Excel
    02:13
  • How to identify which expenses are worth reducing
    04:03
  • Eliminate some spendings
    00:48
  • How to identify which expenses that are worth eliminating
    01:04
  • Eliminate some expenses – Case Introduction
    01:03
  • Eliminate some expenses – Data Available
    01:21
  • Eliminate some expenses – Solution in Excel
    02:26
  • Renegotiate prices & find cheaper provider
    00:55
  • Renegotiate prices & find cheaper provider – General approach
    02:16
  • Renegotiate prices & find cheaper provider – Case Introduction
    00:57
  • Renegotiate prices & find cheaper provider – Data Available
    02:02
  • Renegotiate prices & find cheaper provider – Solution in Excel
    03:15
  • Total cost of ownership – Introduction
    01:39
  • Total cost of ownership
    02:43
  • Rent or buy a house – Introduction
    01:17
  • Rent or buy a house – Rentig cost
    03:17
  • Rent or buy a house – The loan
    04:20
  • Rent or buy a house – Buying the apartment
    04:12
  • Rent or buy a house – Comparison
    02:05
  • Total cost of ownership – When to use it
    03:06
  • Be healthy & stay in shape
    02:22
  • The benefit of staying healthy and fit – Case Introduction
    01:08
  • The benefit of staying healthy and fit – Solution Part 1
    03:46
  • The benefit of staying healthy and fit – Solution Part 2
    02:22
  • Low hanging fruits
    02:27
  • How to lose weight – Case Introduction
    00:36
  • How to lose weight – List of potential activities
    02:27
  • How to lose weight – Solution
    03:52
  • Set SMART goals
    05:24
  • How to get into shape – Introduction
    01:22
  • How to get into shape – Losing Weight Basics
    03:34
  • How to get into shape – Losing Weight Summary
    02:24
  • How to get into shape – Lifting
    01:41
  • How to get into shape – Running & Summary
    03:09
  • Calculate the value of your time
    02:49
  • Calculate the value time – Case Introduction
    00:54
  • Calculate the value time – Solution in Excel
    02:22
  • How to use the value of your time to make decisions?
    03:00
  • Make it or buy it
    01:25
  • Delegating some work to others – Case Introduction
    01:25
  • Delegating some work to others – Analysis of activities
    02:57
  • Delegating some work to others – Summary
    01:47
  • Car vs Uber – Introduction
    01:33
  • Car vs Uber – Cost of own car Basic
    04:08
  • Car vs Uber – Uber
    01:32
  • Car vs Uber – Comparison of costs
    01:39
  • Measure happiness per 100 USD spend and adjust your choices
    02:21
  • Happiness adjustment – Case Introduction
    00:47
  • Happiness adjustment – Data Available
    04:02
  • Happiness adjustment – Solution
    03:28
  • Reduce Liabilities – Introduction
    02:37
  • Reduce Liabilities – the Process how to do it
    01:42
  • Reduce Liabilities – Case Introduction
    00:59
  • Reduce Liabilities – the Mortgage
    03:18
  • Reduce Liabilities – the Credit Card & the Car Loan
    02:38
  • Reduce Liabilities – Debt Summary & Earnings
    03:44
  • Reduce Liabilities – Potential Improvements
    02:57
  • Preview03:10
  • Preview01:21
  • Preview01:14
  • Preview02:10
  • Preview03:39
  • Preview01:51
  • Preview02:11
  • Preview02:59
  • Check the end outcome of something and is it worth it
    02:27
  • How much is MBA worth – Case Introduction
    00:53
  • How much is MBA worth – the Loan
    03:21
  • How much is MBA worth – Pessimistic scenario
    03:10
  • How much is MBA worth – Optimistic & Realistic
    02:22
  • How much is MBA worth – Comparison
    02:31

  • Bonus Lecture
    01:14

Instructor

Asen Gyczew
Expert in performance improvement, turnaround and startups
Asen Gyczew
  • 4.3 Instructor Rating
  • 12,438 Reviews
  • 84,035 Students
  • 49 Courses

Expert in performance improvement, startuping, and turning-around companies with significant experience both in management as well as in supervision of medium size companies (EUR 20 – 40 million) as well as startups. I have trained in person over 100 consultants, business analysts, and managers who now are Investment Directors, CEO, Partners in PE and VC funds, Sales and Marketing Directors, Operational  Directors, COO, Directors in Consulting Companies, Supply Chain Directors, Board Members, etc. On top of that my courses on Udemy were already taken by more than 77 000 students including people working in EY, Walmart, Booz Allen Hamilton, Alvarez & Marsal, Bain, PwC, Deloitte, Accenture, Dell, Adidas, Naspers, Walgreens, Orange, Citigroup, Cisco, IBM and many others.


Functional experience:
performance improvement, strategy development, startups, intrapreneurship, post-merger integration and cost reduction, due diligence, turn-arounds, PMO; 

 Industry experience: SMCG (domestic appliances, furniture, ceramic tiles), FMCG (cosmetics, juice, meat), retail (electronics, convenience shops, pharmaceuticals, DIY, vending, fashion, toys), B2B (aluminum system, plywood, alcohol, reagents, loading systems), services (MRO, consulting, outsourcing) 

Countries: Poland, Serbia, Russia, Ukraine 

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