Here are the key questions that a management team should consider as part of a focused cost reduction program:

– Have we set a target, and how do we know it is achievable?

– Do we require more transformational change?

– How quickly do we need to get the cost out? Next month? Next year?

– How can we align cost targets with organizational priorities?

– Can we dedicate the team to the project envisioned, or do we need help?

– What should our PMO look like (size, structure)?

– Have we considered what the necessary reporting and tracking looks like?

– Do we have a change management plan in place?

– Can we create a better cost culture going forward? How do we keep costs from creeping back in?

– Do we have the right team and leaders to get the job done?

That last question is one that management teams do not consider often enough. Most organizations have in-house resources that are very capable of managing day-to-day operations. Every organization has the potential to conduct audits of their billings, renegotiate their vendor contracts, and achieve some degree of significant savings. However, working with an outsourced service provider that brings a broader set of tools and experience to the team can often produce better results.

Outside experts have superior vendor management expertise, access to document management technology, and an understanding of benchmark analytics that vendor management staff would rarely be able to acquire on their own. Bottom-line: implement a strategy, challenge the status quo, and make sure you have the right resources in place to optimize your profits.”

Limitless Technology, LLC has been managing complex indirect spend and vendor documentation since 2006 for some of the largest companies in the USA, saving them millions in costs.

Through our Billing Optimization and Vendor Management Solutions proprietary platforms we utilize technology, processes, expertise, time, and resources to improve our clients bottom-line. Limitless Technology manages your vendors, so you can manage and grow your business.

No business should have to feel they are “on the watch” for changes in their contracts and agreements.  This includes those special “1-year promos” that are deigned to take advantage of companies who get complacent and don’t audit their billing. So instead, the price rolls to the current market retail prices which is usually DOUBLE the promo rate!  Now the service provider should INFORM their customer more clearly of any changes going into effect, clearly state them and offer cost saving OPTIONS?Well, I think we can agree that this is is NEVER going to happen!

Example from frustrated Corporation Manager:

“They didn’t put us on any plan after the expiration, but after I contacted them they supposedly put us back on it and told me to only pay what we were paying prior. It was a big fiasco and has been. I was not under the impression it was only a year thing, but I will contact them and my director to see how they want to proceed if we want to stay or go with another company.”

“I did speak with them and it has taken 5 phone calls over the course of 6 months several disconnection notices that they claimed to me they were going to adjust our account. Again just the other day we received another disconnect notice and I called them on Friday and apparently they only issued us an adjustment from December forward for some reason not November when it had started, and they are saying whatever the promotion was parts are not available.” – P.C. Orinda, CA

Let’s be very clear about this:  This treatment is “vendor abuse”. Service providers have had the ability for MANY YEARS to take advantage of their Clients, and most often do. Unfortunately, that means the business has only 2 options:

1. They can have an internal staff spend hours trying to keep up with the renewals, inventory, billing changes, audits, inspections, expired warranties, agreement promos, 3rd party charges and all the other aspects of contracting with vendors.
2. They can entrust these services to a company that provides a fully managed vendor and supplier service which includes; proprietary software, monthly bill auditing, proactive contract management, document management, compliance notifications, increased efficiency, and maximized profits.

 The choice seems pretty darn simple, doesn’t it?

Imagine all the hours FREED up from resources not having to deal with the frustration of vendor management. Having an EXPERT auditor, contract negotiator and accounts manager creating your unique profile including analytics and visibility into all spend. Having the ability to access all documents, contracts, bills, renewals, compliances, and warranties from ONE CENTRAL LOCATION – 24/7.  That is right, even while key vendor management resources are on vacation or away from the office for any reason,  when an important contact, bill or document is needed it is easily accessible by anyone with credentials.

We understand and respect the services the efforts that internal vendor management resources provide.  But sometimes, they simply cannot dive deep into every bill or invoice and provide the most optimized approach to improving your bottom line.  Sometimes, the only way to do that is by working with cost reduction specialists who do it every single day.

Why are we trying to do everything in-house, and when do we start looking outside to experts who are better suited to improve our bottom line.

Here are some key considerations your company should be looking for as you determine if an outsourced managed service solution will create value for your company:

Does outsourcing align with our internal resource needs?

As you evaluate your internal staffing, resource roadmap, and internal processes, does a managed services solution allow you to unburden your staff so they can handle other business-critical activities?   Will a fully managed solution deliver the improvements better than we can internally?

Are their experts better than ours?

You need to ensure the VMS provider is designed and resourced by a team of subject matter experts that are focused on cost reduction and have the appropriate industry expertise to provide you with the required improvements to your organization.

Is our process proven to provide results?

Do you have a cost reduction strategy?  A proven process that begins with assessing the current state of your vendor agreements and contracts, resulting in demonstrated savings should be a prerequisite.  

Scalable and Reliable Service Level Performance

Can the provider meet your unexpected demands (higher number of new vendor diligence than you anticipated) and align with your growth plans to scale with your accordingly?

Are You Ready for Outsourcing?

If you are unclear if outsourcing makes sense for you, consider the following as objectives that outsourcing some or all of your Vendor Management Program is something you should be considering:

• Lowering Costs
• Streamlining Operations
• Implementing Best Practices 

In the end, outsourcing your Vendor Management function can make sense on many fronts.  It can send a message to your staff, executives, board members, and investors that your take seriously the responsibilities to mitigate third-party risk, optimize your operating costs, ensure regulatory compliance and strive for excellence.

Vendor management is a core competence in successful business. In a competitive marketplace, businesses must look at creative ways to extract more value from providers, while reducing risk and upholding quality.

Simply beating suppliers down on price year after year is not a sustainable strategy!

Limitless Technology, LLC has been managing complex indirect spend and vendor documentation since 2006 for some of the largest companies in the USA saving them millions in costs.

Through our Billing Optimization and Vendor Management Solutions proprietary platforms, we utilize technology, processes, expertise, time, and resources to improve our client’s bottom line.

Limitless Technology manages your vendors, so you can manage and grow your business.

For Additional Information Contact us at 407.330.4466

RESOURCE: https://seniorcare.levinassociates.com/2018/06/15/cash-is-king-for-skilled-nursing-targets/

Recently, an article was placed by The Senior Care investor which read:

“When buyers value a skilled nursing facilities, or any senior living property, it is always the absolute level of cash flow (NOI) that matters, not the operating margin or expense ratio. Buyers are purchasing a stream of net cash flow, and that net cash flow is going to provide the returns to capital providers. As long as cap rates remain stable, which they certainly have in the skilled nursing sector, when cash flow increases, the prices paid increase.”

From 2008 to 2015, the average cash flow per bed of SNFs sold increased by 63% (peaking in 2015 at $9,600 per bed), and this was driving the five straight years of record average prices for skilled nursing facilities, according to the 23rd Edition of The Senior Care Acquisition Report https://products.levinassociates.com/downloads/scar23/ . Although there was a small dip from 2015 to 2016 to $8,800 per bed, just as the average price per bed peaked in 2016, the simple average does not always tell the story. In 2017, there was a very small decrease in the average NOI per bed for SNFs sold (a 3% drop to $8,500 per bed), but the average price per bed plunged by 18%.

The reason is that when we recalculated the statistics on a weighted average basis, the NOI per bed sold dropped from $12,100 in 2016 to $9,450 in 2017, representing a nearly 22% decline. This clearly explains the 18% drop in average prices, given average cap rates were almost identical in both years. The $12,100 figure also explains why the average price per bed peaked in 2016.”

For illustration purposes, for every $50,000 that drops to the bottom line, applying a 13-14% cap rate could potentially equate into $350-380k in additional value to the portfolio.

So, if “cash is king” then, having the highest profitability and least amount of operating expense ratios is imperative to the true “total success” or evaluation of a property, ownership and management. Taking these facts into consideration, everything possible should be done to drive costs out of your business (without sacrificing great service deliverables) with your vendors. Problem is…most people do not understand or believe this is possible. The internal thought is…

• “we couldn’t be being that much overcharged by our vendors”
• “you pay for what you get”
• “my people have that covered”
• “we have that covered”
• “I don’t want my service to go down because I am paying less”

These “big misses and paradigms” must shift in order to have the best operation, and most profitable entity.

While this issue remains for many companies, smart companies ARE getting ahead of this problem by finding a partner with the tools and expertise to manage the devil in their details as it relates to local, regional even national service relate costs. A partner they can trust, that will do the benchmark analysis on every single vendor, actively renegotiate for lower pricing and better T&Cs, ensure bills get paid on time and services aren’t shut off, and ultimately resulting in elimination of fat and more strategic use of budgets without losing strong deliverables from vendors.

This IS what our team at LIMITLESS does All Day and Every Day. We take this burden off of your people – so they can focus on the bigger problems at hand. We partner with each member of your team so they feel confident they can maintain the overall control, won’t lose the vendor relationships they value but, WILL gain the critical support they need to make better decisions. The support we provide allows your team to focus on the important work of ensuring occupancy rates, delivering exceptional resident experiences, and grow their business and market shares.

Don’t hesitate to stop the waste, and increase your profits now…and when it comes time to sell.

Contact LIMITLESS today for a FREE CONSULTATION to discover how to get control of your unmanaged spend and reduce expenses in your business.

Other Ways to Connect with Us.

Request more info: http://limitlesstechnology.com/contact-us/
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Your company starts to grow, and you need more technology to keep up with additional staff, customers and to help improve process. You are aware of the efficiencies and cost savings made possible by new technologies and are upgrading their infrastructures as a result.

But are you aware of How Purchasing more Technology can lead to Cost Creep?

Every CFO knows about “cost creep”; the slow build up over time in the cost/revenue ratio.   In today’s marketplace, there are an increasing number of service providers who can deliver more efficient solutions, giving end users more options than ever.

In the beginning new suppliers are on their very best behavior, cutting deals and slashing cost. The client will enjoy some pretty large cost savings during the first couple of years.

However, as the contract matures and becomes less visible to the client, costs begin to slowly creep up until, if unchecked, they can accelerate way beyond the initially agreed upon amount.

When you purchase more services, your plans may mutate, creating new contracts that incur additional charges. Over time, small ancillary charges can appear but are not questioned, increasing your bills slowly. This “creep” may leave you paying for services you do not need and may not even understand.

Because data is at the heart of every business and it plays a crucial role in businesses staying connected, technology bills are perceived as a necessary fixed expense and are often overlooked even when the initial cost has increased yet services have not changed.

Companies, Organizations and Businesses can easily incur monthly expenses ranging from thousands to tens of thousands of dollars each month.  Managing the financial component of vendors can be a nightmare! Looking at just telecom you have: Multiple carriers, multiple contracts, introductory offers, equipment, and different locations. Just these factors can lead to poor financial management and procurement processes.

LEARN MORE ABOUT COST CREEP from Todd Larsen, CEO

Are you overlooking the financial costs of managing suppliers? What are the risks of doing that?

Here are findings from top research names in the industry. While cost creep can occur with any supplier these statistics share the findings in just telecom alone…

• – Telecom costs rank in the top 5 expenses for most companies (Gartner)
• – 80% of carrier bills contain errors (Gartner)
• – Telecom analysts spend on average 20% of their time identifying errors (Gartner)
• – Enterprises forfeit 12%-17% of telecom expenses without a proactive approach to telecom cost management (Aberdeen Group)

With a Vendor Management Solution contract experts can negotiate a fixed rate for a particular service. The contract terms must be met ensuring that both parties are aware of what is expected and any variances will be flagged and the vendor will be held accountable for any charges and changes outside of the agreed terms.

If you have questions about any of our VMS benefits contact us today at 866-504-4050 to learn more about our Vendor Management Solutions

Vendor Management Solutions manage potential supplier risk whether in terms of unforeseen cost implications or regulatory compliance. VMS provides businesses with a clearer view into the unpredictability of billing and vendor costs that can result in lost profits when not managed.

Increased Efficiencies with Document Management: A vendor management solution increases overall efficiencies in the form of improved security of confidential files. If a business does not have the appropriate means to safely secure files, VMS tools provide a safe document management service for confidential information, agreements, terms, licensing agreements, inspection reports and more.

Reduced Costs: Vendor management is more than getting the lowest price. The key is for both sides to align on what constitutes a good value. When you have increased visibility, you can see invisible costs which results in better control in order to save.

Corporate Compliance: VMS manages business contractual compliance, which includes a standardization of all billing processes. This process includes bill rate standardization and management. Once you have a supplier active in a vendor management system, you can track and measure performance against the contract to ensure that the company is meeting your needs and complying with your requirements.

Industry experts argue that it is necessary for businesses to put in place a quantifiable contract compliance performance metrics to achieve the types of savings opportunities that best-in-class organizations realize on a daily basis.

Eliminating purchases made within an organization that are not in compliance with negotiated contract terms reduces wastes and can reduce costs. Structured vendor management implementation results in vendor fraud reduction and has an immediate impact on vendor processes and visibility into unnecessary spend. Quantifiable measurements for compliance help to identify these underperforming segments.

Monitor and Track Performance: The data and analytics you receive from tracking performance can signal challenges before they become problems and identify areas that may need improvement. Robust analytics provide unique visibility into vendors, expenses, budgeting and profits. The ongoing fully managed process magnifies ROI results.

The most important success factor of vendor management is to share information and priorities with your vendors. Vendor management tools can also be found to enhance items such as requisitions, approvals, expense management, payment and reporting. Overall, processes run smoothly when managed by a VMS team that is dedicated to ensuring both parties (business and vendors) meet all requirements of a contract.

Contact LIMITLESS today for a FREE CONSULTATION to discover how to get control of your unmanaged spend, reduce expenses and implement a vendor management solution in your business.

Nationwide: 866-504-4050

1. SHOP AROUND FOR SERVICES AND SUPPLIES.

Save money on business supplies by contacting your vendors and negotiate pricing. This will also let them know you are spend savvy and will shop around to find the best price. Most suppliers are amenable to the idea of negotiating prices, especially in this economy, and certainly they would rather do so than lose a regular customer. As leverage, try to find another supplier that’s offering lower prices, then ask your current partner to match or beat them.

2. BE CREATIVE and CUT PRODUCTION COSTS.

As a business owner, you’re always looking for ways to cut material and production costs. Try selling leftover materials such as; cardboard, paper, wood, containers and metal instead of sending it to the recycling center. Also, consider ways to use your waste to create another product.

• – Get the most your of your production space. Centralize or consolidate the space necessary for production. Lease unused space to another business or individual—it can be as small as an office or as big as a warehouse space. Analyze your current use of physical space. Overflowing storage, too many supplies, piles of paper files and inefficient placement of furniture and equipment are common space wasters.
• – Consolidate or centralize the different functions or departments of your business. Use space for dual purposes. A meeting room can double as a break room or a storage room that holds copy and fax machines for example. The opportunities will vary depending upon the nature of your business.

• – Track and measure the operational efficiency of your business, in order to adjust and optimize the use of available resources. Set performance parameters that reflect your efficiency goals and offer incentives when those goals are met.

3. LOWER FINANCIAL EXPENSES.

Look at your insurance policies and financial accounts for places to save money.

• – Save money on insurance by comparing providers for the most competitive rate; then ask your current lender or insurance provider to match that rate.
• – Consolidate insurance policies or bank accounts if possible.
• – Evaluate insurance policies to make sure you’re not over-insured or duplicating coverage.
• – Don’t take on unnecessary debt. Do a thorough cost-benefit analysis and future forecasting when considering business expansion. Consider the opportunity costs and the effect of debt payments on cash flow. Excess debt affects company rating, interest rates and the ability to borrow in the future.

4. CUT MARKETING COST WHERE YOU CAN.

Of course, you don’t want to eliminate paid advertising that is working; however, it can be worthwhile to take a look at some cheaper alternatives.

• – Build your customer e-mail list and implement a referral program. A recommendation from a current customer is far more likely to result in a sale than traditional marketing.
• – Network more, advertise less. Clients are more likely to hire a business with a face they recognize.
• – Cut marketing costs by doing more in-house.
• – Increase social media use and reduce traditional marketing.

5. USE TIME STRATEGIES.

• – Set expectations for a reasonable amount of time to complete certain types of business activities or tasks. Offer employee incentives for meeting or exceeding those expectations.
• – Schedule a predetermined block of time for meetings. Make it clear that you expect participants to be on time, to stick closely to the agenda and to wrap up at the appointed time.
• – Virtual meetings help minimize travel expenses, save time and virtual offices can eliminate the need for physical space. While we certainly don’t want to eliminate personal contact altogether, save it for the instances when it’s most beneficial.

At LIMITLESS we are your Trusted Partner and understand how to best help our Clients reduce costs, while ensuring you stay highly effective and efficient with your services. We strive daily to help you become more financially sound, putting more money back in your wallet. The average savings we find our clients is between 17% – 36%.

We use our Powerful Process to identify cost savings, improving and negotiating contracts, finding billing errors and obtaining refunds. Our Clients realize that they derive the most benefit by concentrating their efforts on their core business. Realistically, most organizations simply do not have the time or in-house expertise to analyze all the multitude of bills, contracts, suppliers and national pricing alternatives potentially available.

Our Proven Results have saved companies tens of thousands and in some cases even millions on their telecom, utility and vendor expenses with our proven cost reduction process. This “found money” allows our Clients to reinvest the “savings” into growth initiatives or apply these “found profits” to their bottom line.

Contact LIMITLESS today for a FREE CONSULTATION to discover how to get control of your unmanaged spend and reduce expenses in your business.

Nationwide: 866-504-4050

No matter how corporate billing is done, it’s a mistake to think that billing today is computerized and accurate.

Companies of all sizes can make mistakes; even one missed keystroke can turn into a billing error over-charging a business (your business). Sometimes billing errors go on unchecked for months or even years, and end up costing businesses millions of dollars.

Vendor / Service Provider Billing Errors

Cable TV, phone, internet, and other communication services on are essential services for businesses. However, there are some very common telecom and utility billing errors that customers should watch out for.

• – Billing past the cancellation date: Telecom companies may continue to invoice monthly charges after the customer has requested a cancellation. This can occur for years after the cancellation and in some cases even after the business has moved from its location.

• – Incorrect rates being charged: In some cases businesses are charged incorrect rates for the services being performed. This happens when the initial discounts are not honored or applied upon renewals. This can be caused by an oversight on behalf of the provider or misleading agreements that set limitations in disclaimers.

• – Charging for services the company did not request. Charging for services the business did not request? Sounds impossible right? It does happen and more often than you might think. Services like internet faxing or network monitoring are added to the account and the customers pay additional fees unknowingly for these services.

• – 3^rd Party Fees: The most frustrating section of your telecom invoice is “Third Party Billing.”  These fees occur when your telecom vendor simply acts as a billing agent. These fees are usually for services that your company does not use. Situations like this are referred to as “slamming” or “cramming” fees. In many cases these fees are overlooked and are not questioned. Errors and overage charges in these telecom billing components allow companies to be taken advantage of, and these billing inconsistencies are costing your company money.

• – Utility Company Errors: As with telecom, cable and internet, utility bills can also reflect a number of errors. For Example, many electric and water meters are still read visually and a single wrong digit can send power, water and sewer bills skyrocketing. And worse those who are mistakenly charged are usually forced to pay the high bill to avoid being shut off. In some cases, even when the utility company admits fault, it will only issue a future “credit”, and not refund the overcharge.

The best way to avoid vendor billing errors and overcharges is for commercial customers and businesses, to monitor their usage history and billing statement every month. When high rates or suspicious charges appear, the vendor/service provider should be contacted and an attempt made to resolve it.

For questions about your invoices and possible errors including information about our Vendor Management Solution contact LIMITLESS at 866-504-4050.

Do not allow a lack of visibility into vendor deliverables and performance to increase costs and decrease the value of your company!

Never lose sight of what you are spending on your supplier and vendor services. LIMITLESS fully manages all vendors using our web-based software to maintain accurate control and obtain visibility over all vendors and expenses.

BENEFITS
• Vendor Risk Management
• Inventory Control
• Cost Reduction
• Benchmarking (Rates-Terms)
• Document Management System
• Compliance Tracking
• Spend Visibility
• Vendor Visibility – Transparency
• Contract & Compliance Standardization
• Vendor Accountability
• Vendor Assessment/Ranking
• Cost Controls (Stop “cost creep”)
• Asset Management
• Process Improvement
• Profit Improvement
• 3rd Party Expertise and Neutrality

For more information on Vendor Expense Management Solutions and how to reduce cost creep contact LIMITLESS 866-504-4050.

At LIMITLESS we are your Trusted Partner and understand how to best help our Clients reduce costs, while ensuring you stay highly effective and efficient with your services. We strive daily to help you become more financially sound, putting more money back in your wallet. The average savings we find our clients is between 17% – 36%.

We use our Powerful Process to identify cost savings, improving and negotiating contracts, finding billing errors and obtaining refunds. Our Clients realize that they derive the most benefit by concentrating their efforts on their core business. Realistically, most organizations simply do not have the time or in-house expertise to analyze all the multitude of bills, contracts, suppliers and national pricing alternatives potentially available.

Our Proven Results have saved companies tens of thousands and in some cases even millions on their telecom, utility and vendor expenses with our proven cost reduction process. This “found money” allows our Clients to reinvest the “savings” into growth initiatives or apply these “found profits” to their bottom line.

Contact LIMITLESS today for a FREE CONSULTATION to discover how to get control of your unmanaged spend and reduce expenses in your business.

Other Ways to Connect with Us.

Request more info: http://limitlesstechnology.com/contact-us/
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