Start with the baseline
Before looking for savings, agree what the organisation spends and on what. Group spend by activity and service, not only by account code, so leaders can see the cost of what they actually deliver.
Look at contracts and suppliers early
Recurring contracts, subscriptions and supplier agreements are often the fastest place to find value. Check what you are paying for, what you are using, and when each contract can be reviewed.
Separate cost that serves the strategy from cost that does not
Mark each major cost against the strategy. Cost that supports priorities may need protecting or even increasing. Cost that supports nothing in particular is where the review should look hardest.
Rank options by size, ease and service risk
For each option, write down the likely saving, how hard it is to do and what it could do to service. Leaders can then choose with the trade-offs in front of them, rather than cutting evenly across everything.
Tell people what is happening
Cost reviews create anxiety. Say what the review is for, how decisions will be made and when people will hear more. Silence fills with rumours.