December 7, 2009
Self Employed Business People Look To Cut Costs At Christmas
Many people who own their own business are having to cut down on the festive activities this year as well as cutting out bonuses for themselves and their staff for 2008.
Almost half of small business people are not going to have a Christmas party this year and 46% will not be paying any bonuses, according to new research from uSwitchforbusiness.com.
The website found that 80% of SMEs have found 2009 to be a tough year – as a result, 58% of business owners were forced to find ways to cut costs and only a third were able to leave staff perks unscathed. And it seems that 2009 is going to end on the same somber note, with business owners keeping a tight lid on celebrations and bonuses so that they can continue to balance the books.
Staff may be disappointed, but in the longer term there should be much better news. Almost half of of small businesses can see some signs of economic recovery. This is good news because as these greenshoots strengthen jobs should become more secure, credit will be more readily available and companies will be able to ease back on cost cutting and hopefully be in a position to start rewarding loyal workers again.
Jake Ridge, SME expert at uSwitchforbusiness.com says: "2009 has been a difficult year for small business so it's not surprising that many feel forced to pull the plug on the traditional Christmas party and end of year bonuses. These are difficult decisions to make and could have an impact on staff morale and loyalty. For those employees hit by the double whammy it's going to feel like a real damp squib of a Christmas."
If you have been forced to cut down on Christmas this year then you should be congratulated – it's a tough time to reign in the spending, but making cuts now and putting money where it is needed will help your enterprise innumerably in the future. If you need even more help, talk to a financial expert about new loans and mortgages that could help your business survive the downturn.
SOURCE: uSwitch.com, 01/12/09
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