243: Thrifty Transformation To Thrive

When consumers are grappling with the rising costs of living and shrinking disposable incomes, balancing quality and quantity has never been more critical. But how can retailers achieve this without slashing their already thin margins? In this episode, join Oliver Banks as he addresses the pressing issue of finding and delivering cost savings in retail. Explore the transformational power of strategic cost-saving programmes that trim expenses, enhance efficiency and potentially free up resources for reinvestment and growth.

Listen to this podcast episode to:

• Delve into the financial woes of consumers and explore how retailers can effectively reduce costs while keeping customers’ needs at the forefront.
• Discover strategic cost-saving techniques such as heatmaps, zero-based budgeting, Lean Six Sigma, and end-to-end analysis.
• Consider how to balance urgent cost-cutting measures with long-term strategies to not only survive but thrive in a challenging retail environment.

Drive cost out from your operating model

If you need to drive cost out from your retail operating model, or if you’re looking for a fresh set of eyes to challenge where the value and waste exists in your operation, reach out to Oliver. Email him at oliver.banks@obandco.uk or connect and message Oliver Banks on LinkedIn.

Inflation vs Wage Growth

In the episode, Oliver discussed the differences between inflation and wage growth, showing the mismatch driving the cost of living challenges for consumers. Here is the chart referenced.

Average growth of weekly earnings in the United Kingdom compared with the CPI inflation rate from March 2001 to April 2023 (Source: Statista)

Additional podcast episodes to check out

If you enjoyed this episode, do be sure to listen to episode 242: Reinvigorating Lean Six Sigma In Retail where Oliver explores why Lean Six Sigma may offer more opportunities than you originally thought.

Also listen to EY’s Trevellyan Collier as he joins in episode 235: Profit Warnings And Transformation. Trevellyan discusses how to bounce back from tough times and how the approach for transformation and strategy is changing.

And finally, cost pressures can be extremely stressful for all involved. Check out episode 182: Overcoming Stress With Science and discover actionable approaches to destress as you take on transformation.