|
|
|||
 |
||
 |
Hints to get through tough economic times The harsh economic climate does not necessarily mean the end of your business, and although it may seem hard to believe, it is certainly not all about tightening the belt and cutting costs from wherever possible. As a business owner, there are some simple steps that you can implement across all areas of the business to help you keep your business on track and get the edge on your competitors. These are just some of the areas that you can look to address: Staff: in times of slow growth it seems that the first action is often to cut staff levels in order to cut costs. Whilst this can be a quick fix from a financial point of view, you should also consider how this may affect staff morale and the motivation of those that remain in the workplace. In the long run, it may be worth considering using this slow time as an opportunity to invest in staff training, thereby further increasing each member’s value to the business. Marketing: this is also another area that is readily looked at as a starting place to make budget cuts.Actually, marketing should be relied on more than ever in tough times. As competition in the marketplace gets tougher and businesses are vying to gain and maintain customers, it is important to maintain your business’ presence. It is well known that it is considerably harder to obtain new customers than it is to maintain existing ones. Make an effort to let your customers know that you are still very much in business and ready to help them with the same level of service that they have come to regard you for. Accounts/Finance: it is particularly important to address current cash flow. Have a look at your debtors and work hard to ensure that not only do they pay on time but that they are secured as customers. Losing a large client can be devastating to the business. Take the time to look at you current creditors and suppliers. You may be able to reduce your costs by negotiating new terms with suppliers or finding a different source that can provide the same service for a reduced fee. Lastly, get help! If you can see holes developing in your business and don’t know what to do about it, or perhaps you don’t even know where to start looking for the holes, seek the help of a professional. The Quinn Group can provide you with a range of legal, accounting and general business advice to help you make it through these uncertain times. Contact us on 1300 QUINNS to speak with one of our professionals or click here to submit an online enquiry. |
|
|
||
Disclaimer: The contents of this document titled “The Quintessential Brief” (the ‘Material’) are provided as general information only. It is not intended to be given as advice and should not be relied upon as such. If you are concerned about any issue raised by the Material then you should seek your own professional advice. No warranty is given in relation to the accuracy, currency or completeness of the Material. No reader should act on the basis of any matter contained in this publication without first obtaining specific professional advice. Where applicable, liability is limited by the NSW Solicitors Scheme under the Professional Standards Act 1994 (NSW), and other relevant state legislation. The Quinn Group respects your privacy. Should you not wish to receive this newsletter in the future please contact us on 1300 784 667.