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... »

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SMEs place Energy Efficiency at top of Cost-Cutting Agenda

More than a quarter of small firms would place energy efficiency at the top of their cost cutting measures. Research from the Carbon Trust revealed that 69% of small businesses are cutting costs or considering doing so. Of these, 27% stated they would prioritise energy efficiency, 17% would make redundancies and 24% would introduce salary freezes or below inflation pay rises. Commenting on the research, the Association of Chartered Certified Accountants’ (ACCA) head of social and environmental issues, Rachel Jackson, said: “It’s sensible to start cutting energy first before getting rid of staff, from a workplace morale point of view as well as an environmental one. It’s an easier thing to implement than the other measures, and one of the aspects they have the most c... »