Reducing staff hours 'could help firms stay afloat'

Date: 31/01/2012

Small businesses looking for ways to avoid making redundancies may find switching to revenue share numbers and cutting back staff hours helps to boost profits.

Mike Ogilvie, accountant and international conference speaker at mikeogilvie.com, suggested there are several things struggling firms can do to improve their situation.

He suggested approaching the idea of reducing working hours so no employees have to be let go, with part-time shifts providing them with the chance to find a second job.

Along with making internal changes, Mr Ogilvie recommended assessing whether services or products being offered represent value for money.

"I urge businesses to address the question of how they can improve their perceived value that they offer to their customers," the expert stated.

If necessary, organisations may need to reduce the price or increase the value of what they are offering, he added.

Mr Ogilvie recently commented that small businesses should focus on customer care rather than fancy marketing campaigns if they wish to bolster their reputation.