cost control

How to Implement a Cost Control System in Your Business

How to Implement a Cost Control System in Your Business

Although it might be a painstaking process, assessing your business costs and implementing a cost management system is worth it. Smart cost control can bring immediate benefits to your company, as well as lay the foundations for greater efficiency going forward. But it is important to cut costs wisely – only slashing away here and there will just bring about worse quality and poor morale. Read on for comprehensive information on how to properly introduce a cost control system into your business, and how to avoid some common pitfalls. What are my first steps in cost control? Before you look at cost-saving measures, your first step in controlling your overheads is to look carefully at what you’re currently spending. Start by identifying your ‘cost centres’. Cost centres are the parts of your... »

Miscellaneous Costs and Stationary Revealed as Biggest Surprise Expenses for Small Businesses

32% of enterprises fail to shop around for better prices for “small costs” 13% of small business owners are inadequately prepared for minor miscellaneous costs, such as tea and toilet roll, according to new findings from insurance company AXA. A further 13% named stationary and printer ink as the biggest unexpected cost, with the size of phone bills (9%) and postage charges (6%) also named among the top surprise expenses for small firms. Despite these shock costs, 32% of enterprises fail to shop around for better prices. As the financial year comes to a close, the survey, which featured 297 small business owners, highlighted the need for small businesses to dedicate more time to managing smaller costs. Darrell Sansom, managing director of AXA Business Insurance, commented on the research: ... »

Mid-sized Firms are ‘Unsung Heroes’ of Europe as Economic Contribution Hits €1trn

57% of UK medium-sized firms expect growth this year with many focusing on cost control, efficiency and exporting to gain traction The mid-sized business community are driving the European economy, contributing a total of €1.03trn in 2014 – with this number expected to rise to €1.06trn this year – according to a report by Sage Enterprise Market Europe and the Centre for Economic and Business Research. The research, which looked at the economic impact of small firms in 12 countries across Europe, revealed that 57% of UK firms plan to grow this year by focusing on cost-management and increasing business efficiency. The report also found that the majority (77%) of Britain’s medium enterprises are exporters, with 43% relying on overseas activity for over 20% of their revenue and 52% stating th... »