America's Biggest Overspenders

America's Biggest (Over) Spenders? Some of the largest industries are surprisingly poor money managers, unintentionally squandering profits by racking up billions of dollars each year in excess costs. Here's a look at the sectors that suffer most from %24 this financial affliction-and what they could have gotten with all that cash. coupa Presented by U smarterspending simplified OPPORTUNITY COSTS Retail 6.8 % 1.15 billion Starbucks lattes Acquisition of Guess?, Inc. 20 Manhattan $3.73 billion 2010 Overspend city blocks of leased retail space $54.6 billion 2010 Profit OPPORTUNITY COSTS Financial Services Funding for 29,000 college educations 2 % 17,400 SBA loans for new businesses 210,909 401k ассоunts maximum funded for 1 year $3.48 billion 2010 Overspend $170 billion 2010 Profit OPPORTUNITY COSTS Oil & Gas 1 tank of gas 2.3 % for every Canadian 41,250 homes converted to 100% solar Jet fuel for $2.65 billion 2010 Overspend 52,440 cross- country flights $117.5 billion 2010 Profit OPPORTUNITY COSTS Auto 6.34 % 24,926 Tesla Roadsters 164,371 jobs for 2/3 of Detroit's unemployed 421 million trips $2.53 billion 2010 Overspend $39.9 billion across the Golden Gate Bridge 2010 Loss OPPORTUNITY COSTS Industrial Manufacturing 4.1 % 24,166 jobs restored to U.S. manufacturing Steel to build 3,190 Empire State Buildings $1.45 billion 2010 Overspend 72 miles of new highway $35.1 billion 2010 Profit Six Ways to Avoid Overspending Serious overspending can easily go unnoticed without cost-control discipline. Here are 6 tactics to cut the excess and spend smarter. 1. 2. 3. Get Your People On Board. Pre-Approve Purchases Buy Against Contracts Companies negotiate sub- stantial discounts with Companies don't spend money. People do. So get them on board with your cost-saving initiatives, and you've won half the battle. Improve control over your non-payroll spend through timely, enforced approval of suppliers, but then fail to purchasing requests before buy against them. Make you spend a dime. it easier to use preferred suppliers. 4. 5. 6. Hold Managers to Account. Every dollar of spend affects someone's budget. Make sure managers know makers visibility into the impact of each decision spending as it occurs so before they say 'yes,' and then hold them to account. action, before its too late. Take Advantage of Early Payment Discounts. Most suppliers offer "early payment" discounts to en- courage business customers to pay promptly. Eliminate the manual processes that make you miss out on those savings. Be Nimble. You can't control what you can't see. Give decision they can take corrective Presented by coupa smarter spending simplified SOURCES: SECTOR & SPENDING DATA – Profit/loss data derived from Fortune 1000 data in AggData.com. OVERSPENDING DATA –- Calculation based on research from CAPS Research (Arizona State University) and Aberdeen Group. RETAIL- Lattes: Wall Street Journal; Guess: Morningstar.com; Manhat- tan: World Property Channel. FINANCIAL SERVICES - College: CNNMoney.com; SBA: Wells Fargo; 401k: TheStreet.com. OIL & GAS - Gas: U.S. Energy Information Administration; Solar: Solar Power Authority. Fuel: Airnav.com, MSNBC. AUTO – Tesla: Tesla; Detroit: U.S. Bureau of Labor Statistics; Bridge: GoldenGateBridge.org. MANUFACTURING – Jobs: BLS; Steel: Steelonthenet.com; Highway: American Road and Transportation Builders Association. Infographic by starno America's Biggest (Over) Spenders? Some of the largest industries are surprisingly poor money managers, unintentionally squandering profits by racking up billions of dollars each year in excess costs. Here's a look at the sectors that suffer most from %24 this financial affliction-and what they could have gotten with all that cash. coupa Presented by U smarterspending simplified OPPORTUNITY COSTS Retail 6.8 % 1.15 billion Starbucks lattes Acquisition of Guess?, Inc. 20 Manhattan $3.73 billion 2010 Overspend city blocks of leased retail space $54.6 billion 2010 Profit OPPORTUNITY COSTS Financial Services Funding for 29,000 college educations 2 % 17,400 SBA loans for new businesses 210,909 401k ассоunts maximum funded for 1 year $3.48 billion 2010 Overspend $170 billion 2010 Profit OPPORTUNITY COSTS Oil & Gas 1 tank of gas 2.3 % for every Canadian 41,250 homes converted to 100% solar Jet fuel for $2.65 billion 2010 Overspend 52,440 cross- country flights $117.5 billion 2010 Profit OPPORTUNITY COSTS Auto 6.34 % 24,926 Tesla Roadsters 164,371 jobs for 2/3 of Detroit's unemployed 421 million trips $2.53 billion 2010 Overspend $39.9 billion across the Golden Gate Bridge 2010 Loss OPPORTUNITY COSTS Industrial Manufacturing 4.1 % 24,166 jobs restored to U.S. manufacturing Steel to build 3,190 Empire State Buildings $1.45 billion 2010 Overspend 72 miles of new highway $35.1 billion 2010 Profit Six Ways to Avoid Overspending Serious overspending can easily go unnoticed without cost-control discipline. Here are 6 tactics to cut the excess and spend smarter. 1. 2. 3. Get Your People On Board. Pre-Approve Purchases Buy Against Contracts Companies negotiate sub- stantial discounts with Companies don't spend money. People do. So get them on board with your cost-saving initiatives, and you've won half the battle. Improve control over your non-payroll spend through timely, enforced approval of suppliers, but then fail to purchasing requests before buy against them. Make you spend a dime. it easier to use preferred suppliers. 4. 5. 6. Hold Managers to Account. Every dollar of spend affects someone's budget. Make sure managers know makers visibility into the impact of each decision spending as it occurs so before they say 'yes,' and then hold them to account. action, before its too late. Take Advantage of Early Payment Discounts. Most suppliers offer "early payment" discounts to en- courage business customers to pay promptly. Eliminate the manual processes that make you miss out on those savings. Be Nimble. You can't control what you can't see. Give decision they can take corrective Presented by coupa smarter spending simplified SOURCES: SECTOR & SPENDING DATA – Profit/loss data derived from Fortune 1000 data in AggData.com. OVERSPENDING DATA –- Calculation based on research from CAPS Research (Arizona State University) and Aberdeen Group. RETAIL- Lattes: Wall Street Journal; Guess: Morningstar.com; Manhat- tan: World Property Channel. FINANCIAL SERVICES - College: CNNMoney.com; SBA: Wells Fargo; 401k: TheStreet.com. OIL & GAS - Gas: U.S. Energy Information Administration; Solar: Solar Power Authority. Fuel: Airnav.com, MSNBC. AUTO – Tesla: Tesla; Detroit: U.S. Bureau of Labor Statistics; Bridge: GoldenGateBridge.org. MANUFACTURING – Jobs: BLS; Steel: Steelonthenet.com; Highway: American Road and Transportation Builders Association. Infographic by starno America's Biggest (Over) Spenders? Some of the largest industries are surprisingly poor money managers, unintentionally squandering profits by racking up billions of dollars each year in excess costs. Here's a look at the sectors that suffer most from %24 this financial affliction-and what they could have gotten with all that cash. coupa Presented by U smarterspending simplified OPPORTUNITY COSTS Retail 6.8 % 1.15 billion Starbucks lattes Acquisition of Guess?, Inc. 20 Manhattan $3.73 billion 2010 Overspend city blocks of leased retail space $54.6 billion 2010 Profit OPPORTUNITY COSTS Financial Services Funding for 29,000 college educations 2 % 17,400 SBA loans for new businesses 210,909 401k ассоunts maximum funded for 1 year $3.48 billion 2010 Overspend $170 billion 2010 Profit OPPORTUNITY COSTS Oil & Gas 1 tank of gas 2.3 % for every Canadian 41,250 homes converted to 100% solar Jet fuel for $2.65 billion 2010 Overspend 52,440 cross- country flights $117.5 billion 2010 Profit OPPORTUNITY COSTS Auto 6.34 % 24,926 Tesla Roadsters 164,371 jobs for 2/3 of Detroit's unemployed 421 million trips $2.53 billion 2010 Overspend $39.9 billion across the Golden Gate Bridge 2010 Loss OPPORTUNITY COSTS Industrial Manufacturing 4.1 % 24,166 jobs restored to U.S. manufacturing Steel to build 3,190 Empire State Buildings $1.45 billion 2010 Overspend 72 miles of new highway $35.1 billion 2010 Profit Six Ways to Avoid Overspending Serious overspending can easily go unnoticed without cost-control discipline. Here are 6 tactics to cut the excess and spend smarter. 1. 2. 3. Get Your People On Board. Pre-Approve Purchases Buy Against Contracts Companies negotiate sub- stantial discounts with Companies don't spend money. People do. So get them on board with your cost-saving initiatives, and you've won half the battle. Improve control over your non-payroll spend through timely, enforced approval of suppliers, but then fail to purchasing requests before buy against them. Make you spend a dime. it easier to use preferred suppliers. 4. 5. 6. Hold Managers to Account. Every dollar of spend affects someone's budget. Make sure managers know makers visibility into the impact of each decision spending as it occurs so before they say 'yes,' and then hold them to account. action, before its too late. Take Advantage of Early Payment Discounts. Most suppliers offer "early payment" discounts to en- courage business customers to pay promptly. Eliminate the manual processes that make you miss out on those savings. Be Nimble. You can't control what you can't see. Give decision they can take corrective Presented by coupa smarter spending simplified SOURCES: SECTOR & SPENDING DATA – Profit/loss data derived from Fortune 1000 data in AggData.com. OVERSPENDING DATA –- Calculation based on research from CAPS Research (Arizona State University) and Aberdeen Group. RETAIL- Lattes: Wall Street Journal; Guess: Morningstar.com; Manhat- tan: World Property Channel. FINANCIAL SERVICES - College: CNNMoney.com; SBA: Wells Fargo; 401k: TheStreet.com. OIL & GAS - Gas: U.S. Energy Information Administration; Solar: Solar Power Authority. Fuel: Airnav.com, MSNBC. AUTO – Tesla: Tesla; Detroit: U.S. Bureau of Labor Statistics; Bridge: GoldenGateBridge.org. MANUFACTURING – Jobs: BLS; Steel: Steelonthenet.com; Highway: American Road and Transportation Builders Association. Infographic by starno America's Biggest (Over) Spenders? Some of the largest industries are surprisingly poor money managers, unintentionally squandering profits by racking up billions of dollars each year in excess costs. Here's a look at the sectors that suffer most from %24 this financial affliction-and what they could have gotten with all that cash. coupa Presented by U smarterspending simplified OPPORTUNITY COSTS Retail 6.8 % 1.15 billion Starbucks lattes Acquisition of Guess?, Inc. 20 Manhattan $3.73 billion 2010 Overspend city blocks of leased retail space $54.6 billion 2010 Profit OPPORTUNITY COSTS Financial Services Funding for 29,000 college educations 2 % 17,400 SBA loans for new businesses 210,909 401k ассоunts maximum funded for 1 year $3.48 billion 2010 Overspend $170 billion 2010 Profit OPPORTUNITY COSTS Oil & Gas 1 tank of gas 2.3 % for every Canadian 41,250 homes converted to 100% solar Jet fuel for $2.65 billion 2010 Overspend 52,440 cross- country flights $117.5 billion 2010 Profit OPPORTUNITY COSTS Auto 6.34 % 24,926 Tesla Roadsters 164,371 jobs for 2/3 of Detroit's unemployed 421 million trips $2.53 billion 2010 Overspend $39.9 billion across the Golden Gate Bridge 2010 Loss OPPORTUNITY COSTS Industrial Manufacturing 4.1 % 24,166 jobs restored to U.S. manufacturing Steel to build 3,190 Empire State Buildings $1.45 billion 2010 Overspend 72 miles of new highway $35.1 billion 2010 Profit Six Ways to Avoid Overspending Serious overspending can easily go unnoticed without cost-control discipline. Here are 6 tactics to cut the excess and spend smarter. 1. 2. 3. Get Your People On Board. Pre-Approve Purchases Buy Against Contracts Companies negotiate sub- stantial discounts with Companies don't spend money. People do. So get them on board with your cost-saving initiatives, and you've won half the battle. Improve control over your non-payroll spend through timely, enforced approval of suppliers, but then fail to purchasing requests before buy against them. Make you spend a dime. it easier to use preferred suppliers. 4. 5. 6. Hold Managers to Account. Every dollar of spend affects someone's budget. Make sure managers know makers visibility into the impact of each decision spending as it occurs so before they say 'yes,' and then hold them to account. action, before its too late. Take Advantage of Early Payment Discounts. Most suppliers offer "early payment" discounts to en- courage business customers to pay promptly. Eliminate the manual processes that make you miss out on those savings. Be Nimble. You can't control what you can't see. Give decision they can take corrective Presented by coupa smarter spending simplified SOURCES: SECTOR & SPENDING DATA – Profit/loss data derived from Fortune 1000 data in AggData.com. OVERSPENDING DATA –- Calculation based on research from CAPS Research (Arizona State University) and Aberdeen Group. RETAIL- Lattes: Wall Street Journal; Guess: Morningstar.com; Manhat- tan: World Property Channel. FINANCIAL SERVICES - College: CNNMoney.com; SBA: Wells Fargo; 401k: TheStreet.com. OIL & GAS - Gas: U.S. Energy Information Administration; Solar: Solar Power Authority. Fuel: Airnav.com, MSNBC. AUTO – Tesla: Tesla; Detroit: U.S. Bureau of Labor Statistics; Bridge: GoldenGateBridge.org. MANUFACTURING – Jobs: BLS; Steel: Steelonthenet.com; Highway: American Road and Transportation Builders Association. Infographic by starno America's Biggest (Over) Spenders? Some of the largest industries are surprisingly poor money managers, unintentionally squandering profits by racking up billions of dollars each year in excess costs. Here's a look at the sectors that suffer most from %24 this financial affliction-and what they could have gotten with all that cash. coupa Presented by U smarterspending simplified OPPORTUNITY COSTS Retail 6.8 % 1.15 billion Starbucks lattes Acquisition of Guess?, Inc. 20 Manhattan $3.73 billion 2010 Overspend city blocks of leased retail space $54.6 billion 2010 Profit OPPORTUNITY COSTS Financial Services Funding for 29,000 college educations 2 % 17,400 SBA loans for new businesses 210,909 401k ассоunts maximum funded for 1 year $3.48 billion 2010 Overspend $170 billion 2010 Profit OPPORTUNITY COSTS Oil & Gas 1 tank of gas 2.3 % for every Canadian 41,250 homes converted to 100% solar Jet fuel for $2.65 billion 2010 Overspend 52,440 cross- country flights $117.5 billion 2010 Profit OPPORTUNITY COSTS Auto 6.34 % 24,926 Tesla Roadsters 164,371 jobs for 2/3 of Detroit's unemployed 421 million trips $2.53 billion 2010 Overspend $39.9 billion across the Golden Gate Bridge 2010 Loss OPPORTUNITY COSTS Industrial Manufacturing 4.1 % 24,166 jobs restored to U.S. manufacturing Steel to build 3,190 Empire State Buildings $1.45 billion 2010 Overspend 72 miles of new highway $35.1 billion 2010 Profit Six Ways to Avoid Overspending Serious overspending can easily go unnoticed without cost-control discipline. Here are 6 tactics to cut the excess and spend smarter. 1. 2. 3. Get Your People On Board. Pre-Approve Purchases Buy Against Contracts Companies negotiate sub- stantial discounts with Companies don't spend money. People do. So get them on board with your cost-saving initiatives, and you've won half the battle. Improve control over your non-payroll spend through timely, enforced approval of suppliers, but then fail to purchasing requests before buy against them. Make you spend a dime. it easier to use preferred suppliers. 4. 5. 6. Hold Managers to Account. Every dollar of spend affects someone's budget. Make sure managers know makers visibility into the impact of each decision spending as it occurs so before they say 'yes,' and then hold them to account. action, before its too late. Take Advantage of Early Payment Discounts. Most suppliers offer "early payment" discounts to en- courage business customers to pay promptly. Eliminate the manual processes that make you miss out on those savings. Be Nimble. You can't control what you can't see. Give decision they can take corrective Presented by coupa smarter spending simplified SOURCES: SECTOR & SPENDING DATA – Profit/loss data derived from Fortune 1000 data in AggData.com. OVERSPENDING DATA –- Calculation based on research from CAPS Research (Arizona State University) and Aberdeen Group. RETAIL- Lattes: Wall Street Journal; Guess: Morningstar.com; Manhat- tan: World Property Channel. FINANCIAL SERVICES - College: CNNMoney.com; SBA: Wells Fargo; 401k: TheStreet.com. OIL & GAS - Gas: U.S. Energy Information Administration; Solar: Solar Power Authority. Fuel: Airnav.com, MSNBC. AUTO – Tesla: Tesla; Detroit: U.S. Bureau of Labor Statistics; Bridge: GoldenGateBridge.org. MANUFACTURING – Jobs: BLS; Steel: Steelonthenet.com; Highway: American Road and Transportation Builders Association. Infographic by starno America's Biggest (Over) Spenders? Some of the largest industries are surprisingly poor money managers, unintentionally squandering profits by racking up billions of dollars each year in excess costs. Here's a look at the sectors that suffer most from %24 this financial affliction-and what they could have gotten with all that cash. coupa Presented by U smarterspending simplified OPPORTUNITY COSTS Retail 6.8 % 1.15 billion Starbucks lattes Acquisition of Guess?, Inc. 20 Manhattan $3.73 billion 2010 Overspend city blocks of leased retail space $54.6 billion 2010 Profit OPPORTUNITY COSTS Financial Services Funding for 29,000 college educations 2 % 17,400 SBA loans for new businesses 210,909 401k ассоunts maximum funded for 1 year $3.48 billion 2010 Overspend $170 billion 2010 Profit OPPORTUNITY COSTS Oil & Gas 1 tank of gas 2.3 % for every Canadian 41,250 homes converted to 100% solar Jet fuel for $2.65 billion 2010 Overspend 52,440 cross- country flights $117.5 billion 2010 Profit OPPORTUNITY COSTS Auto 6.34 % 24,926 Tesla Roadsters 164,371 jobs for 2/3 of Detroit's unemployed 421 million trips $2.53 billion 2010 Overspend $39.9 billion across the Golden Gate Bridge 2010 Loss OPPORTUNITY COSTS Industrial Manufacturing 4.1 % 24,166 jobs restored to U.S. manufacturing Steel to build 3,190 Empire State Buildings $1.45 billion 2010 Overspend 72 miles of new highway $35.1 billion 2010 Profit Six Ways to Avoid Overspending Serious overspending can easily go unnoticed without cost-control discipline. Here are 6 tactics to cut the excess and spend smarter. 1. 2. 3. Get Your People On Board. Pre-Approve Purchases Buy Against Contracts Companies negotiate sub- stantial discounts with Companies don't spend money. People do. So get them on board with your cost-saving initiatives, and you've won half the battle. Improve control over your non-payroll spend through timely, enforced approval of suppliers, but then fail to purchasing requests before buy against them. Make you spend a dime. it easier to use preferred suppliers. 4. 5. 6. Hold Managers to Account. Every dollar of spend affects someone's budget. Make sure managers know makers visibility into the impact of each decision spending as it occurs so before they say 'yes,' and then hold them to account. action, before its too late. Take Advantage of Early Payment Discounts. Most suppliers offer "early payment" discounts to en- courage business customers to pay promptly. Eliminate the manual processes that make you miss out on those savings. Be Nimble. You can't control what you can't see. Give decision they can take corrective Presented by coupa smarter spending simplified SOURCES: SECTOR & SPENDING DATA – Profit/loss data derived from Fortune 1000 data in AggData.com. OVERSPENDING DATA –- Calculation based on research from CAPS Research (Arizona State University) and Aberdeen Group. RETAIL- Lattes: Wall Street Journal; Guess: Morningstar.com; Manhat- tan: World Property Channel. FINANCIAL SERVICES - College: CNNMoney.com; SBA: Wells Fargo; 401k: TheStreet.com. OIL & GAS - Gas: U.S. Energy Information Administration; Solar: Solar Power Authority. Fuel: Airnav.com, MSNBC. AUTO – Tesla: Tesla; Detroit: U.S. Bureau of Labor Statistics; Bridge: GoldenGateBridge.org. MANUFACTURING – Jobs: BLS; Steel: Steelonthenet.com; Highway: American Road and Transportation Builders Association. Infographic by starno