Cutting costs in tough times without damaging your business

Financial Planning

Many smaller businesses are led to believe that cutting costs, particularly in tough economic times, should be a top priority for survival.  The thing is this; many smaller businesses run too lean to cut costs in any event, whether in boom or gloom times, and are often too lean in critical areas such as marketing, hiring good talent, employee training, accounting, professional advice, technology, and capital equipment maintenance and replacement, all crucial expenses for a healthy business existence irrespective of economic ups and downs.

So where can you save money without cutting costs that can damage your business? Just as we are all conscious to not waste precious commodities such as water and food, as business owners, we need to change our mind-set from focusing on the cost of paperclips and electricity to reducing waste in our business.  This is where the real savings can be found.  In this month’s September 2016 BAN Bulletin, Monique Sharland, founder and CEO of Business Accounting Network, shares some ideas that you might not have thought of to waste less and save more in your business.

Click here to read the full article – Cutting Costs in Tough Times without Damaging your Business