How better ‘home economics' can help lessen the credit crunch impact for businesses.
James Luxton is divisional manager of Oriel Accounts. Here he considers how better ‘home economics' can help lessen the credit crunch impact for businesses.
Gordon Brown was met with just a little mockery earlier this month when he urged UK households to stop wasting food in the face of rising prices. But he does have a point. A prudent ‘waste not, want not' philosophy can bring real benefits to home economics, and it can also have a significant impact on a business' bottom-line.
We all know about the importance of saving energy, but with bills set to rise dramatically this year it pays to revisit fundamental best practice. Remind employees to turn off lights and electrical equipment at the end of the day or when they're not in use and keep an eye on the use of air-conditioning and heating.
Proactively looking for better deals can also pay dividends. Whether it's changing energy providers, choosing a credit card with a good introductory offer or switching to a ‘free' or interest-bearing current account. Shop around or use comparison websites to find better deals when you're buying new products. And if you travel a lot, look out for garages offering a good rate on fuel, or why not suggest more meetings happen over the phone? Most importantly, don't forget that high interest rates are good news for savers - any spare cash should be working hard to earn you money.
Minimising wastage goes hand-in-hand with good housekeeping. Reduce your debtor days and make sure any outstanding debts are collected quickly and efficiently. Maintaining a steady cash-flow is more critical than ever in times like these. If you need help with this, or you'd rather outsource it altogether so you can focus on your core business, contact a business services provider such as Oriel for no-obligation advice.
