Watching the pennies is as good advice now as it has ever been. Often a money-saving opportunity is missed because it seems insignificant given the grander picture. The truth is that the opportunities for dramatic savings are rare whilst a range of small savings over a period of time can have the same effect but are much more achievable. Taking just 1% or 2% off each line of your overheads will be significant year on year.
There is a balance to be achieved between cost and value. Cheapest often isn’t the best and you should be looking to achieve best value for your budget as opposed to the lowest possible solution.
It’s too easy to cut back on ‘soft’ spending such as training, marketing and non-essential advice, but all are critical to the development of any business.
The key is to ensure that your spend in these areas is cost-effective.