Enterprise//Enterprise Group//Sophie's living wage.

Whilst working through the accounts (which will be blogged in a group at a later date for more fluidity and an easier read!) one of the major costs was on our living wage- which, though not incredibly high, in combination with our overheads (expensive due to a high rental commercial property, in a lucrative location and printing costs) needed to be reduced in order not to fall into a loss in the first year.
Therefore, three changes have been made into the way the business has been run (which has been evidenced in the previously mentioned records...)


1. I have re-assessed my personal living wage in consideration of sharing a rental property (living wage, not commercial rental) with my partner, which would be realistic upon graduation and setting up this business, so is not a ludicrious expenses cut- leading to a reduction in rent and utilities costs. Also, with the highest living wage in terms of additional expenses, I have gone on to realistically reduce these- cutting back on luxuries such as holidays, though not entirely- saving a considerable deal (which can be evidenced through the screenshots below, comparitively).


2. Sarah and I propose to have part-time jobs whilst working at the company- resulting in a reduction to the living wage of £7,500 each, an overall saving of £15,000.


3. Whilst working through the accounts (again, which will be blogged at a later date, collectively) Matt and Chris will also be working on a part time basis, resulting in another £15,000 saving, a combined total of £30,000 with the four of us working part time. With the four of us having part-time jobs, we can work on a rotational basis, ensuring that 2 people are working in the shop/networking/exhibition events at any given time, whilst also ensuring that profits can be met. The year two profits will ensure that in the second year, 2 employees can start working full time for the company, leaving their full time jobs, and in the third year, all 4 employees will be working full time (see accounts notes- blogged at a later date for accurate accounts calculations).