Newspaper article The Journal (Newcastle, England)

Don't Ignore Potential Saving under Your Nose

Newspaper article The Journal (Newcastle, England)

Don't Ignore Potential Saving under Your Nose

Article excerpt

Small businesses could increase profits by up to 13pc and save an average of pounds 500 per employee per year by streamlining their property arrangements.

That is the message behind the national Property in Business campaign being run by the Royal Institution of Chartered Surveyors (Rics).

All firms want to run a tight ship and most continually look for ways of cutting costs, especially in times of an economic downturn. Typically cuts will be in advertising spend or through restructuring, but the asset with the most money-saving potential is often right under their noses.

North-East Rics chairman Simon Murray said: "Property is big in business. Property accounts for 34pc of total UK business assets and typically a company's second biggest outgoing after staff. Yet it receives very little attention from company directors or small businessmen.

"Getting the right property strategy not only boosts profits but helps businesses move in the direction they desire.

"Exploring sale and leaseback deals, eliminating unused space and challenging over-inflated rates bills are just a few of the ways companies can make their property work harder for their bottom line."

The Rics Property in Business campaign is aimed at opening business eyes to the potential locked up in bricks and mortar.

Simon said: "With so much at stake, I think all businesspeople owe it to themselves to at least talk to a chartered surveyor about property choices.

"Our members in the North-East regularly save clients thousands of pounds by challenging leases, rating assessments and dilapidation claims. Getting it wrong and ignoring the offer of expert advice could be costing businesses a fortune already. …

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