More businesses looking to save money
Newport Consulting have released a new report on business confidence which reveals that many small to medium-sized enterprises will be trying to cut costs in the coming year.
Current economic conditions and cautious consumer behaviour have resulted in only 15 per cent of companies expecting growth - dropping from 39 per cent the previous year.
28 per cent predicted difficult conditions for 2011-12 and 14 per cent expected no growth over the same period.
David Hand, Newport Consulting managing director says: "Companies are far less optimistic about the prospects for the economy as well as their individual business this year compared to the last two years."
With the same concerns consistent across multiple industries, it is obvious that many companies will be focusing on strategies to increase efficiency and reduce wasted hours that eat into productivity.
Companies looking to save money on overhead costs may wish to examine the energy consumption in their business premises.
Electricity prices don't just impact on the household budget - they can also detract from a SMEs' bottom line.
By reducing the amount of energy used at work - or switching electricity suppliers - companies may find the savings to stay competitive.