Regardless of the type of business you have and the industry that you work in, you are sure to feel the squeeze this winter. With the cost of living going up and energy rates soaring, everyone will find themselves spending a lot more than they are used to. For a small business, this can hugely impact your budget and profits. Luckily, there are ways for small business owners to beat the squeeze this winter. Below, we have detailed some of the easiest things for you to do.
Cut Energy Usage
With energy prices soaring, many businesses are cutting down on their usage. This can be done by swapping to more efficient devices, or by being more restrictive as to when equipment can be used and how long for. There are also a lot of creative ways of cutting energy usage. For example, a pub could use candles after dark for light and heat, whilst creating a cosy and relaxing ambiance.
Raise Your Prices
With prices and inflation affecting everything across the board, it might be time to raise your prices. A lot of businesses have already done this, so you certainly won’t be the only company doing so. To give you an idea of how much you could be charging for services and products, take a look at what your competitors are providing. Even raising your prices by a small amount could make a big difference in the long run.
Claim Your Debts
The majority of people will feel the squeeze this winter, but that doesn’t mean you should ignore debtors and stop claiming what is rightfully yours. Though it’s likely that your debtors will be struggling, as a business owner you need to think about what is best for your company. By engaging a debt collection agency, you can claim back all of the money that’s owed to you. This money will help you to cover a multitude of rising costs.
It’s a difficult decision to make and it’s not something that any business owner wants to do, but downsizing can help you to beat the squeeze this winter. Reducing staffing is an effective way of cutting your outgoings, as it instantly means having fewer people to pay and manage. To cover the loss, consider encouraging remaining staff to work more efficiently or for longer. One of the easiest ways to reduce staffing is to outsource some business functions, such as payroll and cleaning.
As you can see, there are a lot of ways for small businesses to reduce their outgoings. With the cost of living rising, it’s important for your businesses to save money, or boost your income. This can be done by recovering money owed to you. To find out more about how Cobra Financial can help you to recover a debt, get in touch with our experienced team or give us a call on 0151 526 4222.