cutting costs

Cost Cutting Tips for Your Small Business

Cost Cutting Tips for Your Small Business

Regardless of whether a company is growing successfully or beginning to decline, businesses will always look to cut costs to help boost turnover and drive up revenues. And though a streamlined business that cuts down on wastage and unnecessary costs is one more likely to be successful; doing so without compromising on productivity can be a challenge. Getting your staff on board to help is fundamental to this as slashing costs without explaining why will create a disgruntled workforce and hinder your ability to introduce cost effective measures. That said it is likely you will have to make some ruthless decisions in order to save money. Key areas in which to cut costs and questions you need to ask as a business owner include: Business travel and accommodation: Limit staff business trips and... »

Redundancy

Redundancy a Costly Solution to Recession woes

Redundancy is not necessarily the best money–saving solution for recession–hit firms — costing businesses up to £16,375 per employee laid off, the Chartered Institute of Personnel and Development(CIPD) has claimed. The direct cost of redundancies for employers is typically between £10,575 and £16,375 per employee laid off — this includes redundancy payments, the need to create new job positions and recruiting for these roles. This calculation comes amid predictions that many businesses will be forced to make redundancies this year in an attempt to cut costs and survive the recession. CIPD chief economist John Philpott said: “While making people redundant can seem one of the most straightforward ways of cutting costs, redundancy is itself a si... »