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Help Tips
In these tough economic times it is even more important
that a business is financially robust, efficient
and strong for the future to ride the credit crunch
storm. This is a worldwide problem so all sectors
should take note and plan carefully. The UK is said
to entering a formal recession. Demand across many
sectors and professions is lowering as people loose
spending confidence. Banks are also nervous to lend
and may tighten or withdraw certain lending criteria.
The international meltdown of world markets has
lead to commercial lending criteria becoming increasingly
more differicult.
Looking
at robust systems in place for cash-flow control
and careful monitoring of spending will have a good
effect to removing financial wastage within the
business.
Try negoiating with suppliers for better terms of
contract. It is surprising what may be saved in
order to keep a customer happy.
It may be uneconomical staying for years with one
supplier just because that is the way it was always
done. Suppliers can become complacent. New players
into the market may offer far better deals. Therefore
shop around, notify the original supplier and tell
them this is your intention they may well offer
you a superior contract. Always get a minimum of
three different quotes to compare the market.
Look
at your energy consumption. Fuel and utilities costs
have risen over 40% in under a year within the UK.
There is a lot of government help and resources
available in order for businesses to improve their
energy usage. For example just understanding how
to read a commercial electricity bill can save the
company potentially thousands of pounds.
Set
a system to get your team involved with your project
of energy management. For example create a system
for your team that is easy to follow and gets them
behind the project. Perhaps create a competition
of who can get the best results. Reward them for
doing well and coach those who are struggling.
It
is a common mistake to think that a fiscal reward
carries most weight for team motivation. Not true,
personal worth and genuine appreciation carries
a higher weight as team members feel true worth
for their input. Net result is a much higher output.
Get the team behind you and you have the potential
to make a great company. Customers, suppliers, lenders
and competitors will all feel the effect of a strong
team.
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