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Cost-cutting a top priority for many small businesses

Among the things that can impact how financially successful a business is is how much in the way of costs it faces as part of its regular operations. So, it’s not a shock that cost-cutting is something many businesses care deeply about. Just how important of a role small companies view cost-cutting to have in their overall chances of success can be seen in a recent survey.

The survey was done by the Zurich Insurance Group. Among the things polled business owners were asked about was what they saw as the most critical business opportunities. The survey’s results indicate that for nearly half (44 percent) of U.S. smaller businesses, cost reduction is seen as such an opportunity.

What do you think are some of the best avenues for cost-cutting for small businesses?

Now there are all kinds of situations in which a business owner may care deeply about keeping costs down. One is when their company ends up in a dispute, such as a contract dispute, an employment dispute, a dispute with a customer, a dispute with the government or a dispute with a competitor.

When in such a dispute, there may be various opportunities for keeping costs down without endangering the company’s other goals. What specific opportunities are available depends on the situation. Skilled business law attorneys can advise small businesses that are dealing with a business dispute on what things might be able to help with cost-cutting goals and other key goals they may have related to the eventual resolution of the dispute.

Source: Small Business Trends, “44 Percent Of U.S. Small Businesses See Cost Cutting As Critical, Survey Says,” Shubhomita Bose, Nov. 8, 2016

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