Join Hector Alvarado as he welcomes you to the Inner Circle and dives deep into the essential topic of cost visibility and control for business success. Hector explains how many businesses fail to address hidden costs, which lead to a slow financial bleed rather than a single catastrophic event.

From unplanned overtime to unused software subscriptions, these small but frequent expenses can add up and erode profits. Learn from major organizations like Tesla, Amazon, Toyota, and Walmart on how they manage to keep costs in check through rigorous processes and cultural frameworks. Get actionable steps and insights to identify and eliminate 'profit killers' in your business, implement lean cost mapping, and develop a mindset shift that prioritizes efficiency and waste reduction.

End the session with a practical challenge to identify and assign top cost areas in your business to ensure they are managed effectively. Perfect for business owners and leaders looking to optimize their operations and achieve sustainable growth.

00:00 Introduction to Cost Visibility and Control

01:26 Identifying Hidden Costs and Leaks

03:10 Real-World Examples of Cost Inefficiencies

06:27 Principles of Lean Cost Mapping

07:38 Implementing Cost Review Practices

09:50 The Seven Steps to Muda

18:00 Mindset Shift for Cost Management

20:43 Open Discussion and Q&A

32:17 The Tech Stack Dilemma

33:34 Trendy Spending in Business

34:43 Real-World Examples of Cost Efficiency

37:16 Daily Performance Huddles

39:51 Subscription Management and Cost Control

43:32 Streamlining Processes in Trucking

49:23 Supplier Issues and Cost Implications

55:11 Final Thoughts and Weekly Challenge