Running a business can be rewarding but, even in a favorable economic climate, no business is without some element of financial risk. Facing uncertainty during the UK's deepest cost of living crisis, you may rightly be concerned about the viability of your business, but there are things you can do to make sure it not only survives but thrives.
Instead of worrying about the future, you can protect your business from it with a few simple and effective steps. Check out our top tips on how to get your business through tough economic times.
Talk to suppliers
Any costs that you can safely cut in tough times are good ideas. Contacting your suppliers to see if there are possible discounts or price caps can be a useful way to regain control of your costs.
If your suppliers cannot accommodate you, then shop around for a cheaper alternative. Pay special attention to new startups, as they often offer handy discounts or incentives to attract a significant customer base in their early stages. you may discover an option not previously available to you.
Hire apprentices
A growing business is a sign of a healthy business, one that improves the confidence of both customers and staff. After all, more hands on deck means there are opportunities to do a lot more. If you know you have hiring needs but not necessarily the budget to go with it, then hiring apprentices could be beneficial.
Offering apprenticeships can save you money and expand your workforce while also preparing young people to enter your industry. If they impress you and are excited about the work environment you have created, then you will easily find them for full-time work when you have the budget to do so.
Prepare for all scenarios
It's never a good time to be saddled with a legal claim or damage repairs, but it could be a disaster in 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 in protecting your assets.
Insurance can also protect your business reputation, so in the event of an emergency or litigation, it's easier to recover and maintain customer trust.
Promote yourself
Staying at the forefront of customers' minds will only be good for business. The tightest financial times should be when you adjust your marketing strategy, not abandon it. Make sure you get over social media advertising as this can be effective without breaking the bank.