Issue 16 – Winter 2023

Supporting your Business Through the Rising Cost of Living…

We know that many business owners are worried about the rising cost of living. We want to let you know that we’re here to offer support.

2022 has been a difficult year for people personally as well as for those owning and managing businesses. The rising energy bills, the soaring fuel prices, the change in tax and all following the aftermath of the global pandemic.

We understand that now, is a very uncertain time for businesses across the UK. We’ve put together some useful information which we hope will support your business through the rising cost of living.

Ways to Help your Business get Through the Rising Cost of Living

There is no one-size-fits all when something like this happens to the economy, however, these are some tips which your business could benefit from:

  1. Take a fresh look at your budget. Assess your costs – now is the time to stretch your budget as far as you can. Is it time to move energy provider? Or renegotiating contracts? Could you ask employees to make sure they turn off their equipment when not in use?
  2. Focus on your Customers – Retaining your customers is now more important than ever. Think of ways you can work with your customers to ensure they maintain their business with you. Perhaps it’s time to introduce a loyalty scheme or offer some type of reward.
  3. Support your Employees – In difficult times it is so important to support your employees. They are likely feeling the impact of the cost of living increase and will be worried too. Reassure them that their job is safe and accommodate their needs if required. They may want to work from home more to save on travel expenses etc.
  4. Keep your Marketing Strategy Alive – Be strategic with your marketing budget. Don’t cut costs and activities completely. We know from looking at previous recessions that investing in marketing at a time like this is important, however it’s now time to consider how to get the most out of that budget. If a certain channel isn’t working for you then cut the cost now. If there is a clear successful media for you then invest your budget here.

Other things to consider during the rising cost of living

As well as transactional and strategic actions, there are also more personal aspects to consider when it comes to supporting your business through the rising cost of living…

Take care of your mental health

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