Welcome back to Business Unfiltered with Mercer and Jeff Sauer today's topic is Managing Expenses 0:00: Managing expenses in business. Mercer and Jeff Sauer define managing expenses as pruning for profit, not just cutting costs. They discuss the trap of investing in new opportunities without tracking expenses, leading to unprofitable decisions. 3:33: Optimizing business expenses for profit margin. Mercer cites Keith Cunningham's financial training for Tony Robbins as a key insight on how to think about expenses, emphasizing the importance of making informed decisions rather than simply cutting costs. He explains that cutting expenses can be an effective way to increase profit, just like increasing revenue. 7:19: Investing in personal time-saving measures vs. profit. Jeff suggests that investing in things that make you happier and more productive at work can be a good investment, even if it doesn't directly lead to more money. 9:12: Growth and expense management in business. Jeff emphasizes the importance of business growth, stating that "if you're not growing, you're dying." Mercer seeks to improve expense management by focusing on investments and cutting non-essential costs to increase profits. 11:23: Evaluating investments in tools for business growth. Mercer discusses the challenge of evaluating investments in tools and cutting expenses that don't yield desired results. Jeff evaluates tools by asking if they provide a 10x return on investment, and if canceling the tool would result in a 10x loss of resources. 17:30: Managing finances through paper bills and credit card statements. Jeff shares a "life hack" of receiving paper bills to help track spending, despite previously using paperless billing. Mercer agrees and finds it funny that paper bills are a helpful tool for some, despite the convenience of paperless billing. 20:44: Financial management and expense trimming. Jeff mentions that he only looks at his financials when he wants to cut expenses, which can lead to overspending in the long term. He reflects on his experiences with investing; emphasizing the importance of replenishing cash reserves and right-sizing expenses to achieve profit margins. 25:43: Managing expenses and prioritizing cash flow. Jeff discusses the importance of questioning every expense frequently to preserve cash and avoid wasting money. Both speakers agree that it's important to prioritize cash and make tough decisions about expenses, even if it means letting go of things that got them to a certain point in their business. 28:18: Reducing business expenses through strategic thinking. Jeff suggests consolidating contractors into employees to reduce expenses and improve profit margins. Mercer agrees and notes that this can be a huge source of profit for companies.