Struggling With Budgets? These Fast-Growth CEOs Share Their Capital-Saving Strategies That Actually Work

Saving money is key to growing your business. Here’s how successful founders have pulled it off.

BY BRIAN CONTRERAS, STAFF WRITER @_B_CONTRERAS_

Knowledge is power—especially when it comes to budgeting. After all, if you don’t know where your capital is going, how can you identify which expenditures are critical and which can be trimmed?

It’s largely a question of data, says Tripp Faix, CFO of the retirement plan provider Human Interest (No. 874 on the Inc. 5000 list in 2021). “Embracing data honestly” is a key part of budgeting, he explains, as it allows business leaders to identify and answer key questions as well as discern which expenditures are within their control.

All of that, Faux adds, “ultimately allows for the smoother path to execution of both quick wins and long-term progress on strategic goals.”

What else can the savvy executive do to keep costs under control and steer their business into a brighter, more financially-sound future? Inc. spoke with Faix and five other business leaders about how they conserve capital and what Inc. readers can do to follow in their footsteps. Here’s their best advice.

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1. Get comfortable with AI

When it comes to using data to make better decisions, consider leaning on artificial intelligence tools that can analyze information and generate insights. 

For instance, Stan Garber, co-founder and president of the AI procurement platform Levelpath, says he once used machine learning software to identify a substantial difference between a project proposal and the ultimate contract.

“When I used AI to create a contract summary, it broke down the costs and showed me that the final cost was $4,000 less than the initial request,” Garber explains. “Because I was able to see where the savings came from, I could immediately sign off on thousands in savings. That kind of visibility helps budgeting become a more proactive process.”

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