Small business owners have been advised to improve efficiency in order to continue to thrive in the economic downturn.
According to the National Federation of Enterprise Agencies, finding a balance between this and cutting costs is key to success.
Commenting on financial results from Royal Mail showing that profits have doubled in the first half of this financial year compared to 12 months previously, chief executive of the body George Derbyshire noted that other small businesses could learn from its lessons.
"Sensible cost management and operating efficiency are always a vital building block of business success, never more so than in difficult times," he said, observing that Royal Mail's business practices had fed through "quickly into the bottom line".
The Confederation of British Industry recently found that UK high street sales had fallen for the seventh consecutive month in October, with many retailers predicting the trend to continue this month.
Published on: November 3, 2008