When we begin fulfilling a cost recovery contract, our very first step is to perform our industry-unique analysis from the top down, dissecting your company’s current expenditures. We look at costs relating to document output, energy usage, telecommunications services or a combination of the three, and try to identify opportunities for substantial cost savings. During the process, we are able to determine how to decrease costs in your day-to-day operations as well as how to decrease expenses in the long run.
These initial steps are very critical to us since our overall goal is to help clients implement strategies that provide major cost reductions. Because our revenue model involves collecting a small portion of the profits we recover, we have a strong incentive to be thorough, honest and accurate during the initial analysis. You discover opportunities to decrease expenses in business that you may have never imagined, all with our expert help.
Read on to learn more about how Freedom Profit Recovery undertakes new client contracts, one deliberate step at a time. You might also be wondering when the best time to engage with FPR is.
Step 1: Initial Meeting
After exchanging initial details, we arrange a meeting with your top-level financial and IT executives who work closest with your company’s budgeting and cost control initiatives. We learn more about your company, including your unique goals and offerings you provide to customers. We also learn more about your general operations so that we can gain deeper insight as we perform our assessment. The overall goal of this meeting is to learn as much as we can about what makes you different compared to other businesses so that we can tailor our approach accordingly.
Step 2: Initial Assessment
Following our first meeting, we can set to work. We audit all of your accounts, including any recent major investments as well as regular operating expenses. This top-down assessment creates a “big picture” of your general assets and revenue streams compared to the overhead you generate in an average quarter.
We present this initial assessment to you along with some questions so that we can then dive deeper into the activities in your organization and mine out true cost-saving gems.
Step 3: Final Assessment
Thirty days after the initial assessment, with a solid working knowledge of your operations and typical overhead, we can then begin comparing your expenses next to the most accurate, relevant benchmarks possible. During this process, we identify the largest expenditure gaps between what you are spending and what you could be spending.
Step 4: Pre-Strategy
This step in the process is truly a roll-up your sleeves working session that allows for collaboration to ensure accuracy of the data compiled. In this step of the process, we present you our executive-level deliverable providing you the most granular view into your document output environment you’ve likely ever seen as it relates to this portion of your business.
Once you are comfortable that the data gathered during the analysis accurately and conservatively defines your environment, we will begin to prepare the optimal solution, which will deliver to the client requirements you have defined for us through our discovery process.
Step 5: Recommendations
Once we have validated the analysis data as accurate relative to your environment, we will prepare an overall solution that creates an apples-to-apples comparison between your current and proposed environments. It is at this point that we are required to switch roles from analysts to consultants. Our recommendation becomes a stake in the ground and from there, we continue to work with you and your team to further reduce that already lower cost solution. Typically, this recommended solution will introduce cost-control strategies to maximize the on-going hard-dollar cost savings and introduce process improvements to streamline the overall business process management of this area of your business.
Step 6: Implementation
At this point in the process, the analysis and recommendation is concluded and again, we switch hats from consultants to your Managed Savings Providers™. Unlike traditional consultants who make recommendations and then evaporate, leaving you to implement any recommendations, FPR is responsible for not just making the recommendation, but also implementing and overseeing the implemented solution for the life of the agreement, to ensure that this area of your business is proactively managed and that hard dollars are not leaking as a result of under-management.