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Gerry MacDonagh Column
Southside Chamber of Commerce
Manage your costs
THERE seems no shortage of advice for businesses on how to survive tough times, but much of this “advice” tends to be thinly veiled sales and marketing.
The underlying emphasis is often on spending more on marketing or on borrowing more.
However, at a time of general economic downturn, businesses can find that even maintaining turnover – let alone increasing it – is a challenge and that profit margins can suffer.
One of our members, Andrew Norman of Auditel, emphasises the importance of managing your business overhead costs.
He points out that businesses rarely have the time, expertise or dedicated personnel to review their expenditure regularly.
As a result, they are paying over the odds for everyday products and services.
Nevertheless, forming a plan and taking a professional approach to business overhead costs management can release the hidden value in a business, delivering profit even without having to increase turnover.
Andrew suggests businesses take four steps to discover their “zero-growth profit”.
- Step 1: Establish a simple cost management strategy.
- Step 2: Decide what you can do internally and what you need to outsource.
- Step 3: Create, communicate and operate a real savings plan.
- Step 4: Wherever necessary, engage an outsourced expert to work with you.
Andrew will speak on this alternative approach to increasing profitability at an evening seminar at London Bridge on November 18.
The evening, including a buffet with wine and soft drinks, is sponsored by the Awards for All Lottery fund and by Southside Chamber of Commerce and is free of charge to local businesses.
- For further information, call Southside Chamber of Commerce on 07958 584 479 or Andrew Norman on 020 8663 0129.
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