News and Info
The Silver Lining
Jul 2008The media hold a litany of distressing news for the UK economy and none of it unfounded.
In response to it, many businesses and individuals have started preparing themselves for more bad news. Home owners and Landlords are selling off their property, companies are reviewing credit terms with suppliers and banks are recalling credit.With the increasing price of petrol, food and gas, many families are shopping less or buying cheaper items. For households, it may be easier to make a drastic change to a budget as the effect would be felt by only those within it. For businesses, however, a drastic action may have a damaging effect on shareholders, employees and the public.
Ironically, in the midst of the credit crisis, some businesses seem to be thriving. All companies have a legal obligation to provide financial information, regardless of the state of the economy and therefore must perform this role. For many growing businesses, which have historically employed their own finance staff with competitive salaries and benefits, it is becoming increasingly appropriate to outsource financial management and other specialist jobs that can be structured into part time roles without compromising expertise. One outsourcing company that seems to be providing great value to growing businesses at a time like this is e-Financial Management (e-FM). This company offers flexible and scalable financial management solutions on a pay-as-you use basis. The company provides services ranging from bookkeeper, Financial Controller (FC) to Finance Director (FD). This quarter the company has taken on additional projects totalling £250,000 from about 12 new clients.
To find out about cost effective solutions for your business, shop around for outsourcing companies, get referrals or visit your local chambers to get information about service providers, but the key to staying in business is managing your cash flow, and there is no better way than to minimise your expenses.
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