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James Caan cuts down his fixed costs

by Rebecca Burn-Callander - Tuesday, 15th April 2008 -

James Caan cuts down his fixed costs

"To survive a credit crunch, you've got to cut down on your outgoings," says Dragon, Caan. "That means your office space."

This could be a really good time to focus on your fixed base, advises Caan. Stop the cash from draining out of your business.

"The lease came up for renewal on the office space of one of my businesses," he says. "Ordinarily, I'd just renew. But because of the credit crunch I decided to move the company into serviced offices and weather the storm from there."

The lease will expire in June. By hedging his bets during an unsure economic climate, Caan can wait for better days rather than risking precious funds now.

"I'll review the situation in 18 months or so," he says. For now, i'm taking down my fixed costs."

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Don't be a twit. Be a Twitter

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Get your weekly dose of health-giving giggles right here, every Friday afternoon.

Growing Business Awards: Entrepreneur of the Year

By Catherine Woods - November 27, 2008 10:59pm GMT

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Growing Business Awards: Company of the Year

By - November 27, 2008 10:52pm GMT

Time for Company of the Year. Go crazy for…

Growing Business Awards: Young Entrepreneur

By Catherine Woods - November 27, 2008 10:47pm GMT

Great speech from Theo Paphitis before he hands out this award; he recounts an event from a couple of weeks ago when he went to see a dear friend (and great entrepreneur) who was dying.

Business Comment 

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