Cost of Living Business Strategies
There are lots of tips out there for managing personal and business finances as the cost of living increases on what seems to be a weekly basis. Whilst we can all use our kettle less, and switch lights off, the burning question is what can we do as a business strategy that holds longevity and results, to manage the cost of living. Essentially, practical financial actions that can potentially help the bottom line.
On top of business expenditure, personal costs are increasing and earnings cannot keep pace any spare capacity – savings or expenditure on non-essential goods and services will quickly disappear.
The process of financial exhaustion holds true for businesses and individuals. Following as it does, hard on the heels of COVID lockdowns and disruption, the current economic outlook – rising inflation, rising interest rates, further energy price hikes and a possible recession – leaves little room for optimism. (We don’t mean to sound doom and gloom but there is truth in the phrase ‘Fail to Plan, Plan to Fail’)
So how do business owners and their employees, cope in the coming months?
We go through practical financial options available to businesses to weather the storm that is the cost living. From increasing prices to doubling up key suppliers, cost reviews and consolidation. The Robinsons team are on hand to discuss the business strategies through the cost of living increases and what could work for your business.
Later this month we will release an article on practical financial actions for Personal cost of living strategies – keep your eye out for that!
Business will need to achieve two goals if they are to survive:
- maintain profitability or at least breakeven, and
- stay solvent.
Below is a list of ideas to help achieve the above. Some or all could be applicable to you and your business, but either way, there are options available, and the Robinsons team are on hand to help.
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If you find any of these ideas useful and need help with implementation, contact the Robinsons team. If you would like to brainstorm other ideas to better meet your business needs, speak to the Robinsons team.