It’s not exactly going to come as big news to anyone that times are tough financially at the moment. What’s more, tough times are forecast for 2023 as well.
And while there seem to be plenty of features in the papers and on the TV advising the general public how they can save money in the cost of living crisis, information for businesses seems to be a little thin on the ground.
But don’t despair. Many of the tips that consumers are following can be adapted and adopted by businesses too. Here are four ways to make your business a little bit leaner and ready to cope.
Look for cheaper alternatives
Look around supermarkets at the moment and you’ll find that consumers are going back to the budget ranges of products. After all, now is hardly the time to be going for the “deluxe” versions with their high price tags. Take a good look at the supplies that your business needs. Are there cheaper versions you could find? Items like copier paper usually have slightly lower quality varieties that can bring good savings in the long run.
Get out and about less
Although fuel costs are falling slightly from the all-time highs of the summer, petrol and diesel are still expensive. Consumers are thinking a little bit more before they commit to going out in the car and starting to consider alternatives. Businesses also tend to face some essential travel, but some meetings might be just as successful on Zoom or Microsoft Teams. Plus, this will have the added advantage of saving you the journey time – time that can then be spent doing something far more productive than sitting in traffic or speeding along the motorway.
Access online support tools
Help is out there – so take it. Banks and other organisations have been quick to offer advice on offsetting the effects of the rising cost of living and there’s no reason you couldn’t make use of this as a business owner as much as you could in everyday life. Try attending the online webinars these services are offering or download and use a mobile app to help you manage spending. Even just reading an article on information such as how interest base rate changes will affect you and your money management could provide valuable support.
Forget the luxuries
For consumers the sorts of little luxuries that they enjoy range from having occasional meals out to buying fresh flowers each week to brighten the house up. For businesses, the equivalents might be taking the staff on the occasional night out or having monthly “pizza Fridays”. Cutting these out could make a significant saving. If you’re worried that staff morale could be affected then maybe think of an alternative like “Bake Off Fridays” instead when everyone bakes something and brings it in to share with their co-workers.
Of course, there are plenty more ideas like these, but hopefully these will be enough to get you going – and they should also start to make a real difference to your bottom line too.
