How to protect your business in the cost-of-living crisis

The cost-of-living crisis can be a challenging time for businesses, with many additional costs being added to business expenses.

As a result of this, many business owners are faced with difficulty including staffing costs and decisions such as whether to raise costs.

Energy, raw materials, and fuel have all been affected by inflation, while the overall cost-of-living crisis is putting pressure on some employers to pay more to help staff with their expenses and affecting consumer confidence.

Businesses should look at practical savings and consider if they are making efficient use of staff. You should also consider if you are paying for services, you no longer need and how you can cut costs.

Online accounting

Accounting and financial technology can give you instant information on sales, costs and products and allows cloud-based apps to reduce the time needed for vital but time-consuming tasks.

This can include invoicing systems that tell you what’s been paid and other apps that help you keep track of your cashflow.

Research your competitors

Check out the competition, both locally and nationally, to see what they are charging for similar products and services.

This can often depend on different areas of the country and levels of relative prosperity. Can less well-off consumers withstand price increases?

Make maximum use of your accountant

Accountants offer a wide range of services, including strategic advice and money-saving and revenue-boosting ideas.

Accountants can help with managing debt, addressing cashflow and advising on business strategy.

If you need advice on related matters, contact us today.