SME owners can save money by examining finances 'rigorously'
Feb 19 2008
SME owners looking to save money in the wake of recent economic turmoil need to approach their finances 'rigorously', according to business experts.
The National Federation of Enterprise Agencies (NFEA) warns that the economic slowdown could affect SMEs as debtors take longer to pay and creditors demand quicker payment.
Because of this, the NFEA states that businesses need to look closely at each line of their finances and make sure any projections 'still hold water in today's conditions'.
George Derbyshire, chief executive of NFEA, says: 'It's easy for a bit of fat to creep in during the good times but in most businesses, with the right attitude and a red pen, you can cut a fair amount out of your cost line'.
At the beginning of February 2008, the Society of Turnaround Professionals (STP) found that UK businesses are 'ill equipped' to deal with a UK slowdown.
Retail, leisure and hotel and manufacturing industries are expected to be the most affected, according to the society.
The National Federation of Enterprise Agencies (NFEA) warns that the economic slowdown could affect SMEs as debtors take longer to pay and creditors demand quicker payment.
Because of this, the NFEA states that businesses need to look closely at each line of their finances and make sure any projections 'still hold water in today's conditions'.
George Derbyshire, chief executive of NFEA, says: 'It's easy for a bit of fat to creep in during the good times but in most businesses, with the right attitude and a red pen, you can cut a fair amount out of your cost line'.
At the beginning of February 2008, the Society of Turnaround Professionals (STP) found that UK businesses are 'ill equipped' to deal with a UK slowdown.
Retail, leisure and hotel and manufacturing industries are expected to be the most affected, according to the society.
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