Keeping costs down

For your business to be successful, you need to ensure that your income exceeds your expenses. Profitability can be improved by increasing sales and by reducing costs. A business that keeps its costs under control will be able to release more resources for growth when business is good but will also be in a better position to survive when the economy is doing badly.

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Small businesses are facing a raft of increased costs with the price of power and water set to soar over the next five years. Trade body Water UK predicts a 30% rise to help water companies cover new EU legislation, tax changes and vital maintenance. Meanwhile business electricity charges are also set to increase, compounding the cost of rising inflation rates and record-breaking oil prices.