Amidst the uncertainty brought on by the ‘cost-of-living’ crisis, businesses, especially smaller ones, have faced significant challenges.
Rising costs for materials, expenses and more have inflated the daily operating rates, making it difficult to forecast for the years ahead.
In this article, we look to the positives and examine some ideas to help you and your workforce get through the difficult times to thrive in the future.
If the crisis has affected your business, here are some ways to try and alleviate the impact:
Whether it’s an underutilised employee benefit, or a recurring expense that you simply can’t cover anymore, your number one way of coping with the cost-of-living crisis as a business is to review everything you have going out of your accounts before making some changes.
No business is immune to the implications of cost-of-living. As a result, you may find that the other businesses you deal with are having to raise their prices to compensate for the changes. Although price increases are common during times of economic uncertainty, there are still other options from smaller suppliers for you to switch to.
Suppliers could refer to anything from materials needed to energy providers, so do your best to gather some names, make calls and get quotes for your existing work to see what you could save.
In addition to the cost-of-living crisis, energy prices are at historical highs. This means that efficiency is key to cutting back your expenditure. Make sure you replace any old heating systems, install insulation where possible and encourage your workers to turn off appliances when they’re not in use. Combined, this could save hundreds in operating costs every year, allowing you to claw back some of those otherwise lost savings.
Rumours do nothing good, especially across a business.
When financial struggles happen, you’d be surprised at how quickly word gets around among your workforce. Rather than allowing your teams to bask in the anxiety of joblessness, consider settling any concerns by being upfront and direct.
Not only will this allow your employees to put plans in place for their own future, but it will also help instil a sense of trust in you as an employer. Whether you explain the situation through a detailed email or deliver a company-wide meeting, your team will thank you for it.
In tough times, it’s crucial to have a strong savings portfolio.
Savings accounts with competitive interest rates can provide a much-needed boost at the start of every month to ensure your accounts keep building to help cover periods of uncertainty. We strongly encourage you to check the terms of your savings accounts, making sure you’re getting the best rates from a bank you can trust.
Feel free to review the business savings accounts we have on offer on our website.
While the situation certainly looks unforgiving, there is support available for the most heavily impacted businesses.
Offered across all UK regions, there are separate entities providing support depending on where your business is located:
Find out more about our business finance options and savings products.
Subject to status and affordability. T&Cs apply. Security may be required. Any property or asset used as security may be at risk if you do not repay any debt secured on it.