Hints and tips
- Good cost control is part of effective financial control, so ensure that you have a good accounting system. Check the figures regularly - at least monthly - and act on the figures promptly if you identify problems.
- Beware of false economies. Compromising your level of quality and service could lose you business. If cost cutting leads to deterioration in working conditions for staff, there is a danger that they become demoralised and perform less well - which will exacerbate the problem.
- Confront cost problems immediately - and take action before the problem becomes insurmountable.
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