Cutting costs a key factor for survival
ASURVEY has shown that Hertfordshire-based businesses are taking steps to survive the downturn by reviewing current business practices in order to reduce outgoings. According to the survey carried out by Business Link in the East of England, nearly 58 per
ASURVEY has shown that Hertfordshire-based businesses are taking steps to survive the downturn by reviewing current business practices in order to reduce outgoings.
According to the survey carried out by Business Link in the East of England, nearly 58 per cent of respondents from Hertfordshire have identified cutting costs as necessary for their business' survival in the next 12 months.
Eight out of 10 businesses say saving money and cutting costs has become more important since the economic downturn, and is now a key factor in this year's business plan.
When it comes to saving cash, priorities are reviewing supplier costs, implementing better IT systems and lowering marketing spend. With the view to achieving further money savings as a result of these cut backs, 63 per cent of business owners say they would consider introducing an environmental policy. Contracts and expenses for rent, utilities and telephone calls are also being reviewed and shopping around may provide unexpected benefits.
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Pat Smith, chief executive of Business Link in the East of England, said: "The survey demonstrates that Business Link clients in Hertfordshire are taking positive action to face the current economic challenges head on. Whilst the recession provides an uncertain business environment, we know that those businesses who take action early have the best possible chance of survival.
"A wealth of advice and support is available on how to save businesses money and the crucial thing is not to be afraid to ask for help. Managing cashflow at the moment is absolutely key to business success, and cutting costs and saving money where possible form an important part of this.
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"Business Link provides comprehensive support services. Whether you request one-to-one advice, have your business assessed with a free health check or call the anonymous helpline, it is important to get support before it's too late."
For information about Business Link services or to speak to a business adviser call 08457 17 16 15 or log on to www.businesslink.gov.uk/east
You can call the helpline on 08453 13 45 10.