Mike Michalowicz explains "Slash Day," a quarterly review where small-business owners cut unnecessary recurring expenses. He says you can potentially save 10-15% of your costs by doing this once every three months.
Welcome to On a Roll. And now, here's your host, Mike Michalowicz.
It's time to get your slash on. And I ain't talking about the GNR guitars. That sounded pretty good.
I know, I know.
I used to play air guitar. I'm talking about slashing costs. You know, in our business, these costs start accumulating, and then at the end of the year, we're like, we made no money this year. And our accountant says, what's this big item you're spending money on? You're like, "Uh, I don't know. This is kind of awkward. Uh, what do I do?" Well, once a quarter, do your slash day. Once a quarter, block out a day that you go over all your costs, and you cut 'em, because you'll notice that some costs made sense when you started it, but then are these recurring things, and you totally forget about it, and they pile up at the end. So once a quarter, I take the day off to focus on just cutting costs. And usually I'm able to cut back 10 to 15% of my expenses. That's a big deal! Do the same. Slash costs once a quarter. Dedicate the day to it. I look so forward to Slash Day that often I dream about it.
