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Cost reduction tips – Part 4

By Terry Irwin On 24 May 2013 · Add Comment · In Cash flow, Cost reduction, Employees, Finance, HR, Recession, Tips
For my fourth and final batch of tips for cutting costs and protecting cash flow, I’m going to deal with issues concerning human resources. My suggestions are: Set up an employee incentive programme to generate cost reduction ideas. Strengthen your internal controls to prevent theft by employees. Reduce your own compensation to the level necessary [...]
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Cost reduction tips – Part 3

By Terry Irwin On 21 May 2013 · Add Comment · In Cash flow, Cost reduction, Finance, Recession, Tips
Here’s my third batch of reminders about ways to cut costs and improve your cash flow. Insurance and benefits Consult your insurance broker for ways to reduce the costs of life, disability and health insurance. Consult your insurance broker for ways to reduce the costs of all other insurance policies. Consider using non-cash bonuses such [...]
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Cost reduction tips – Part 2

On 16 May 2013 By Terry Irwin
My second batch of reminders about ways to cut costs and improve your cash flow are to do with credit control and banking. Collections When you send out invoices to your customers, enclose pre-addressed return envelopes. This will sometimes result in speedier payment. Closely monitor individual customer accounts receivable balances. If a customer’s average collection [...]
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Cost reduction tips – Part 1

On 10 May 2013 By Terry Irwin
Last week I promised you some tips for reducing your costs and improving your cash flow, so here’s the first batch. Some of them may seem obvious, but it’s all too easy to let such things slide when you are focusing on the day-to-day running of your core business. Cost-cutting measures Cancel any excess or [...]
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How clean was the UK’s escape from triple-dip recession?

On 2 May 2013 By Terry Irwin
So, the UK economy has managed to avoid a triple-dip recession by the skin of its teeth. According to the preliminary estimate of the Office for National Statistics (ONS), released on 25 April, the UK’s Gross Domestic Product expanded by 0.3% [...]
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Compensation: How to measure your return on invested payroll £s

On 29 April 2013 By Terry Irwin
Once you’ve designed and implemented your compensation plan, how can you tell whether you’re getting a good return on your investment? The answer is simple: measure it. Yet, far too many companies don’t. It’s a sad fact that most companies don’t measure their return on compensation £s at all, let alone find out whether or [...]
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Why you should think total compensation

On 26 April 2013 By Terry Irwin
Yesterday I wrote that once you have found out which behaviours create value in your company, you can set about designing a compensation plan that rewards those behaviours and gets you the results you want. But I also warned that you need to think [...]
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Does your compensation programme reward the behaviours that drive results?

On 25 April 2013 By Terry Irwin
Yesterday I wrote about the need to change your organisation’s culture and environment and reinforce the changes through your compensation strategy, if you want to see a permanent behaviour change in your employees. But do you actually know which behaviours create value in your company? There [...]
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Change your culture and reinforce it with compensation

On 24 April 2013 By Terry Irwin
My last post in this series about employee compensation was about the importance of linking your compensation strategy to your overall business strategy. This one deals with the fact that your compensation strategy – however sound and well thought out – will not, by itself, get you the [...]
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Linking compensation to your business strategy

On 19 April 2013 By Terry Irwin
My post yesterday described the process of defining a clear, focused compensation philosophy. Today I’ll cover the importance of linking your compensation strategy to your overall business strategy. If you have paid proper attention to developing your business strategy, then you [...]
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