Those who are starting up or running their own business have been advised that they should manage finances as carefully as they would those in their home.
According to Nectar Business, many things are now costing more money and therefore business owners should look at how they can reduce spending by considering every resource they are using.
Karen Hanton, entrepreneur and the founder and chairman of toptable, said company owners need to be "looking at their outgoings and saying, do I really need to spend that? Do I need this at all?"
Furthermore, they may also wish to look at their suppliers and consider whether they may be able to save money negotiating or switching to a different provider.
David Frost, director general of the British Chambers of Commerce, recently said that there is likely to be a tightening of credit conditions for small businesses.
Published on: November 26, 2008