The cost of living crisis has been dominating headlines in recent months, as both individuals and businesses navigate rising costs. Several factors are to blame for this, including rising inflation, energy prices and supply chain costs, with increases expected to continue into 2023.
Of course, as you would expect, increased costs will ultimately impact a business’ cash flow and therefore companies throughout the UK are quickly adapting their operations to reduce the crisis’ impact.
So what can your business do to ease the pressure of the cost of living crisis? We take a look below…
Assess your outgoings
Your outgoings should be your first port of call when looking at your cash flow. So often we see businesses paying for platforms, services or subscriptions that add little to no value. Consider whether your package can be reduced, scrapped or if there is a cheaper alternative out there that offers the same quality/ functionality.
Review your energy use
This year, many businesses have slowly returned to the office following nearly two years of remote working. Whilst this set-up works more effectively for many, this decision has also undoubtedly increased overhead costs, notably energy bills. Encouraging those working within the office to be mindful of their energy use (e.g. switching off equipment when not in use or utilising energy-efficient lighting) will help to reduce your energy bills over the coming months.
Support your team
As we all know, the cost of living crisis is not just impacting businesses but individuals also, and therefore supporting your team members will be crucial. Whether you implement pay increases, staff discount schemes, or allow for WFH days to reduce fuel consumption, you will ultimately make a huge impact on morale with the right support for your workforce.
Look into finance
For those looking for that extra bit of working capital to maintain cash flow over the coming months, a finance package may be the way forward. Every business will have different requirements and therefore it is crucial that you seek guidance from the experts.
How is your business tackling the cost of living crisis? If you are looking for support, whether with cash flow planning, financial guidance, or general business advice, speak to the team at Ellis & Co. today on 01244 343 504.