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Cost management is vital for small companies but can be a difficult discipline to master. When profits dip and business slows, some SMEs rush in to slash costs – but cutting in the wrong place can ultimately hurt the business.
Small-business overheads have risen by 23 per cent since 2005, according to the Business Cost Index, compiled by the Centre for Economics and Business Research and price comparison site Make It Cheaper. Research found that more than half of small-business owners fear for the survival of their firm, 67 per cent have seen profit margins hit by rising costs, nearly half have been forced to increase prices and 22 per cent have shed staff.
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