Elize Giese As more businesses struggle to maintain profit margins and survive in this tough operating environment, the last thing SMEs should be doing is wasting more money while trying to cut costs. Elize Giese, Head of Investments at FNB Business says one of the biggest mistakes that SMEs make when trying to cut costs is failing to devise holistic strategies dedicated to assist their businesses from financial losses. Instead, small business owners often make rash decisions when under pressure to try and cut costs, but end up doing more harm than good. Giese shares ten common cost cutting mistakes that business owners should aim to avoid. Long-term consultancy contract – consultants make sense when there is a short-term need for specialist skills. If however, it is an important part of your business in the long term, it might make sense to hire a full-time resource. Using consultants for long term projects can prove to be costly for SMEs. Therefore, developing the required sk...