Running a business can be rewarding but, even in a favourable economic climate, no business is without some element of financial risk. Facing uncertainty during the UK’s deepening cost-of-living crisis, you might reasonably be concerned about the sustainability of your business, but there are things that you can do to make sure that it not only survives but thrives.
Rather than worrying about the future, you can safeguard your business against it with some simple and effective steps. Take a look at our top advice on how to carry your business through tricky financial times.
Speak to suppliers
Any costs that you can safely cut during difficult times are good ideas. Contacting your suppliers to see if there are any potential discounts or wiggle room on prices can be a useful way to re-establish some control over your outgoings.
If your suppliers can’t accommodate you, then shop around for a cheaper alternative. Pay particular attention to new start-ups as they often offer handy discounts or incentives to attract a sizeable customer base in their early stages; you might discover an option that wasn’t previously available to you.
Hire apprentices
A growing business is a sign of a healthy business, one that improves the confidence of both clients and personnel. After all, more hands on deck means that there are opportunities to get a lot more done. If you know that you have recruitment needs but not necessarily the accompanying budget, then taking on apprentices could be beneficial.
Offering apprenticeships can save you money and enlarge your workforce while simultaneously preparing young people to enter your industry. If they impress you and are enthusiastic about the work environment that you’ve created, you’ll then also get an easy in with them for full-time work when you have the budget to do so.
Prepare for all scenarios
There’s never a good time to be saddled with a legal claim or damage repairs but it could be a disaster during times of financial uncertainty. You want to keep any unexpected or unnecessary costs to a minimum so taking out business insurance could be an important step to potentially help protect your assets.
Insurance can also protect your business’s reputation so, in the case of an emergency or a legal dispute, it’s easier to bounce back and maintain client trust.
Promote yourself
Staying in the forefront of customers’ minds is only going to be good for business; tighter financial times should be when you adapt your marketing strategy, not abandon it. Make sure to get on top of social media advertising as this can be effective without breaking the bank.