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Cut back on spending

It has been reported in recent news that a third of adults will have to cut back on spending during 2012. So those little luxuries in life such as meals out, holidays and clothing may have to be forced right back and the purse strings tightened.

Some are in for a rocky year and this isn’t just reflected in domestic finances but in business also.

There are always going to be areas that people can cut back on and improve their finances, it’s just one of those things where you tend to become a custom to certain things in life.

In business there are elements that can be cut back on, from the amount you spend on stationery and overheads to the amount of staff. The last few years many companies have consolidated their work force, leaving many to take redundancy. This also caused a back lash on staff already working, who were expected to take on extra roles with little or no pay increase.

For companies that are working on a skeleton staff, using freelancers to complete work has been a real boost not only to companies but to the economy. In fact in the few years that have been difficult, freelance workers have prospered, which is excellent news as sole traders and small businesses are the fuel of the economy.

It can still be a problem for companies when they don’t have enough funding to pay bills or staff, or if they are eager to expand business.

Thank goodness for Factoring and Invoice Discounting, this enables companies to gain access to funding tied up in invoices and has been a real success especially in the last financial quarter of 2011.

Some may find 2012 difficult whether its business life or home life, but know there is a wealth of support available to all.

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