Is cheap really cheerful?
Rachael, who heads up our accounts department, discusses ways in which businesses are potentially able to save money.
In today's day and age, everything seems expensive and we all want to cut down on costs. Businesses are streamlining and hours are being cut in supermarkets with big retailers opting for computerised staff – aka the self-service till.
And as for customers, well, when we're thinking of lunch during the week, we'll often weigh up making a purchase in a shop against making our own sandwich.
So what can companies do to save money? Here are a few questions you might want to ask yourself.
- Do we have the correct skillset? Have we got the correct people to make us efficient?
- Are we on the best tariffs? Can we cut down on phone, electricity and gas bills?
- Do we have the right cultural environment which ensures our staff achieve their full potential?
- Do we have the correct resources? Learning materials, for example?
- Are we pushing ourselves in the correct direction and into the right markets?
- Are we marketing in the appropriate way?
- Do we have someone who can be trusted with our finances?
- Do we have a good accountant?
These are all challenges to which we should return on a regular basis. Is your accountant working with you to streamline your book-keeping processes, for instance. Do you actually meet them face-to-face?
It's often the case that people dread the idea of accountancy fees, but in fact, the correct adviser can make life so much more simple and protect your business by recording and accounting for transactions in the correct manner.
Throughout my career, I have seen several individuals opt for the 'cheaper' option without looking at the capability of the professional they are choosing. This often ends up more costly, as you find yourself swapping accountants and incurring correction charges.
To discuss anything in this article, or for free consultation, please call 0115 955 5500 or email enquiries@pagekirk.co.uk