7 groups who could fill the skills gap in your business

7 groups who could fill the skills gap in your business

It may not come as a huge surprise to you that many industries in the UK are facing a skills gap. Whether it’s in the building industry, or something more high-tech, a shortage of skilled workers is causing inefficiencies in lots of industries and for individual companies. Without skilled workers, your company may not be able to grow or even operate on a daily basis.

With Brexit looming, the skills gap, particularly in the trades, isn’t going to close up quickly. There’s a good chance that some EU workers will return home once the UK leaves the EU, and others won’t be rushing in to take their places half as fast as they have in the past few years. The effects of this won’t be limited to fruit picking and waiting in coffee shops; the NHS, education, and financial services will all likely suffer, albeit in the short run.   [Read more…]

How to save time (and money) in business

How to save time and money in business

There’s an age-old adage that time is money and it’s not wrong. While working longer hours doesn’t necessarily mean you’ll be more successful, the fundamental truth is that you have to spend at least some of your day involved in productive activity – business doesn’t happen by itself! If you want to be more productive, you have to spend more time on productive activity and less on doing things that have no impact. When time is money, using your time wisely is helping you to save money in business. [Read more…]

3 False Economies when implementing cost reductions in your business

3 false economies in cost reduction in business

Cost reduction and effective waste management to reduce your overheads is not a simple task, knowing what inventory costs can be reduced, and which should not is an important aspect of being a cost reduction specialist. Today we will look through some examples of false economies, where cost reductions could, in fact, have the opposite effect and affect long-term business profits. [Read more…]

Why your business should invest in card payment technology

Why your business should invest in card payment technology

This year, card payments overtook cash payments as the main method of purchasing in the UK. With 1-in-6 Brits now only using cards to pay and six-in-ten of us saying we would spend more in each business because they have card payment technology, it’s surprising that there are still estimated to be 3 million small businesses out there that do not take card payments at all. [Read more…]

Reducing your business costs through Shrinkflation

How to reduce your business costs through Shrinkflation

Last week, there was outrage across social media as McVities announced that in order to keep their costs down and pass on savings to customers, they would be reducing the quantity of Jaffa Cakes from 12 per box to 10. Outrage! See https://uk.finance.yahoo.com/news/jaffa-quake-shrinkflation-sees-number-jaffa-cakes-cut-10-box-123216564.html for the full story.

What is more outrageous is that retailers aren’t actually under any obligation to reduce the sale price. The manufacturer, after all, can only set a recommended retail price. Any increased profits from the reduced wholesale cost and the stagnant sale price will be passed on to the retailer. I think it’s highly likely that retailers will oblige McVities in reducing the sale price of Jaffa Cakes, and consumers will at least see some of the savings.

What is Shrinkflation?

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How to Increase your Revenue without Increasing your Fixed Costs

How to increase revenue without increasing your fixed costs

For increased profitability, you can do one of two things; you can reduce your costs without it negatively affecting your revenue, or you can increase your revenue while not increasing any costs. Easier said than done; in particular where increasing revenues can mean unavoidably increasing costs in some way. It’s inevitable that increasing sales means rising costs – the trick is to not increase your fixed costs. [Read more…]

How to save money in business the right way

How to save money in business the right way

As cost reduction consultants we are a little obsessed with getting business costs down and improving profitability. We have done this for hundreds of businesses and there’s not been a business yet where we haven’t been able to find some sort of saving.

That’s not to say that we save money in business and recommend efficiencies without thinking about the possible implications. We know from experience that some cost cuts are more equal than others. Whilst we do recommend some ruthlessness in assessing your business costs, we do insist that you think carefully about which potential cost savings to implement and about which to think through a little more.

Here are three examples of where business cost cuts could be made but that may not work for your specific business in practice. [Read more…]

5 companies who have cut business costs and improved profitability

5 companies who have cut their business costs

As specialists in reducing business costs, we know that cost reduction is not as simple as turning off all the lights and plunging the office into darkness. We know how a business operates and we know the right areas where you should be cutting costs, and where you should proceed with caution.

Business cost reduction is more than just negotiating prices with your suppliers and cost efficiencies can be found in all manner of ways you may not have considered. To give you an idea of what we mean here are 5 examples of how businesses reduced their costs: [Read more…]

How to reduce your business energy costs in 3 easy steps

Reduce your business energy costs in 3 steps

A common area where we can help businesses like yours to save money is in energy. Electricity and gas can be a huge expense for many businesses and even for small businesses, changes in how you use and pay for energy can reap some nice savings. But saving on business energy costs when your business’s core function is demanding your focus can be easier said than done.

Here are our steps for helping you reduce the energy you use and the money you spend on it [Read more…]

3 questions you should ask before reducing your business costs

Three questions you should ask before reducing your business costsReducing your business costs is one way to improve your company’s profitability and create that little bit extra stability in an uncertain business and economic environment. While rising sales are great, if it also means rising costs, then the extra effort and commitment may turn out to be not worth it to your bottom line.

That’s not to say that going out and cutting your business costs in a ruthless manner is always the best approach. Ruthlessness can be a fantastic tool, but like all tools, it should only be wielded where appropriate. In my vast experience as a cost reduction consultant in the UK, here are three questions you should ask before reducing your business costs. [Read more…]