Many people and businesses in South Yorkshire will be affected because of inflation and the rising costs of things like energy, fuel and other bills. There is support available for businesses through the Energy Bill Relief Scheme and there are other practical ways in which businesses can make small changes to save costs.
Here are a few things you can do for your business to minimise the effect of rising costs:
- Cashflow forecasting and cost assessment: By planning ahead and evaluating existing costs, you could identify issues with cashflow in advance or highlight areas where costs could be cut, or cheaper alternatives sourced. Are there other ways in which you could minimise costs too? If you have infrequently used services, platforms or pay for expensive client meetings, these costs could be reassessed.
- Monitor energy use: Keep an eye on your energy costs and assess whether there are ways to save including turning off equipment when not in use, installing smart meters or switching to lower carbon energy options.
- Shorten your supply chain: Try to source your materials and services domestically or even regionally by using UK or South Yorkshire suppliers. This will reduce transportation costs and is also more resilient to geo-political events.
- Stay customer focused: The cost of living crisis is affecting everyone, even those businesses or individuals that haven’t faced financial hardship before. You could develop new schemes that keep your customers spending such as loyalty schemes, rewards or repayment plans.
- Look after your employees: Everyone will feel the pinch and there may be ways in which you can help your staff reduce their own costs. Introducing more working from home days will help them keep transport, fuel or parking costs down. You could also sign up to employment reward schemes that offer members discounts on shopping or leisure. Remember that financial worries can cause individuals stress so keep checking in on the wellbeing of your staff and if you think any of your employees may need support, our Working Win scheme could help.
During this uncertain time, we know many businesses are facing challenges and so if you would like guidance through any of this, our team of advisors are here to help. You could be just one phone call away from resolving some of the challenges that are worrying you.
Call the Growth Hub now to speak to a business advisor.
03330 00 00 39