Smart ways to get your business costs under control
Lombard Accountants knows that cash flow has been a big issue for thousands of businesses during the covid pandemic, and when the money’s not rolling in, it can help to rethink your costs. To do it effectively involves more than just keeping an eye on outgoings. It’s about looking at all the moving parts of your business to see if your systems (or lack of) are costing you unnecessarily.
Here are some tips on how to control your business costs from the Lombard Accountants team:
- Muck in – Do a cost control audit to work out where your big cost centres are and look at your systems for managing them.
- Be aware – Don’t just slash your expenses. Track costs and look out for opportunities to trim fat or take a different approach that may save on costs.
- Unite your team – Bring everyone together to monitor and analyse inputs and expenses. Reviewing and developing your systems? Get your team’s feedback.
- Look to your peers – How do your costs compare to others? If a business of a similar size and production system to you is performing well, but spending less, explore what they’re doing differently.
- Seek advice – Got a good idea of where the issues are, or feeling totally confused? Talk to your advisors about your next steps
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