Cost cutting
During the recent down turn, many businesses started reducing their expenses.
It is easy to cut costs in areas of the business without giving much thought to the medium and long-term impact.
Reducing staff costs must be carefully undertaken, so as not to put off those staff with a large knowledge base, or sought after skills.
Sales and marketing staff are normally the first to be made redundant, but this limits a business’ future growth prospects and market share growth. These are often the best staff to retain customers and help find new ones.
Careful decision making is required when cost cutting.
Talk to your Chartered Accountant for their valued expertise.
