I mean, $16m pa for Staff and Admin/Corporate Overheads?! What...

I mean, $16m pa for Staff and Admin/Corporate Overheads?!
What can possibly be consuming that kind of dough?

Even if you rented offices for $2m pa (and you'd get some really shmick headquarters for that outplay) and assuming generously that average employee remuneration was $200k pa, that works out to 70 employees.

Why on earth would tiny business like this need that indicative level of resourcing?
And if isn't people, then what is it?

Nothing at all wrong with a strategy of Shrinking to Greatness.

In my experience the principle obstacle to it is directors and management, whose interests are not well served by it (it basically works them out of a job, ultimately); so they always push back against such suggestions as an act of self preservation.

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