Monday, 03 October 2022 15:55

How Can Businesses Navigate The Cost of the Living Crisis

Rate this item
(2 votes)
compare fuel cards compare fuel cards pixabay

The cost of living is a topic on everybody’s mind as of late.

Prices are rising in a host of areas (such as food, fuel and electricity) and it’s not just the everyday household being affected; businesses both big and small are starting to consider how and where they can save money without sacrificing the quality of their products and services. The good news is that there are ways that your business can alleviate the pressures of higher costs - and here’s a look at just 3.

3 ways to minimise the impact of the living crises on your business

1. Know your finances

It’s easy to keep the scary thoughts of rising inflation on the periphery, but one of the best things a business can do is sit down and take stock of their finances. After all, the way your business has been functioning recently isn’t likely to see you through harder times.

Take a look at your projected cashflows, current profit and loss, break-even and stress calculations and balance sheet calculations. Do these align with your current financial situation? Identify where you can make beneficial changes and implement the strategies you need to stay out of the red.

2. Assess your overheads

Once you have a good grasp of your finances, it’s time to assess your overheads. The living crises won’t discriminate, so you could find that you are spending more on certain aspects than you were previously. Take a look at contracts for things like raw materials and see where you could potentially negotiate.

One of the biggest outgoings right now is fuel, so finding ways to cut back on this is especially important if you have staff that drive. Getting a fuel card could be worthwhile, as it’s an alternative payment method for drivers that lets business owners track expenditure, file expenses and even limit usage. As you can get these from several providers, be sure to compare fuel cards to get the best deal.

3. Update your prices

You may be reluctant to increase your pricing amid a cost of living crisis, but there’s no sense in losing out and potentially putting your business at risk. Your competitors will be doing the same, and as you’ll likely already know, being competitive can be just as important as offering great products. It can be worthwhile to reach out to your customers and explain your reasons for price increases, while maintaining a focus on the quality and value of your brand.

Will these points really help?

Overall, it’s the little things that will all add up, so any steps you take to navigate the soaring costs of your business are likely to be beneficial in the long run.

 
  • Game Dev Beyond Code - Logistics That Power Global Gaming Launches
    Game Dev Beyond Code - Logistics That Power Global Gaming Launches

    When people think of game development, they often imagine lines of code, stunning visuals, and compelling storytelling. But behind every global game launch lies a hidden layer — logistics. Beyond the polished gameplay trailers and midnight releases is a highly coordinated operation involving packaging, transportation, customs clearance, and physical delivery. Especially when targeting international markets like the United States, efficient air cargo logistics become a mission-critical factor.

    Written on Monday, 26 May 2025 16:01
  • Bring Ideas to Life
    Bring Ideas to Life

    Every post finds its spark with a fitting image.

    Written on Wednesday, 14 May 2025 16:36
  • 4iG Group starts a new chapter in personalised medicine
    4iG Group starts a new chapter in personalised medicine

    The new medical diagnostic software developed by 4iG Group, leverages artificial intelligence and machine learning to support genomic analyses for medical purposes. This Hungarian-developed method is at the forefront of prevention and diagnostics worldwide. Thanks to 4iG Plc.’s innovation, the new diagnostic system enhances the detection of hereditary diseases and genetic predisposition.

    Written on Tuesday, 13 May 2025 09:45
  • 5 Essential Tools for Your Online Marketing Growth
    5 Essential Tools for Your Online Marketing Growth

    Growth and scaling are crucial factors for every business, especially online businesses. To scale effectively, you must establish a strong online presence, engage with your audience on social media, and leverage growth hacking techniques. Growth hacking is a marketing strategy focused on rapid experimentation and data-driven decision-making to increase user acquisition and engagement.

    Written on Sunday, 16 March 2025 10:57
  • Fencing Materials - Cost vs. Durability
    Fencing Materials - Cost vs. Durability

    When planning a new fence installation, property owners often find themselves at a crossroads: should they prioritize upfront costs or long-term durability? This comprehensive analysis explores how various fencing options stack up in terms of initial investment versus longevity, helping you make an informed decision that aligns with both your budget and long-term property goals.

    Written on Thursday, 16 January 2025 15:40
  • How to Choose the Best Mobile Apps for Boosting Productivity?
    How to Choose the Best Mobile Apps for Boosting Productivity?

    In the digital age, mobile apps have become an integral part of everyday life. They not only facilitate communication but also help organize work, manage time, and increase efficiency. However, with the vast selection of apps available, choosing the best tool can be challenging. Comparison platforms such as CompareNow assist users in quickly finding solutions tailored to their needs.

    Written on Friday, 28 February 2025 15:27
  • Traditional Bath Rituals - A Journey to Relaxation
    Traditional Bath Rituals - A Journey to Relaxation

    A traditional bath is more than a place to cleanse; it’s a ritual that embodies relaxation, rejuvenation, and cultural heritage. From the calming steam rooms to the invigorating scrubbing rituals, every aspect of the traditional bath is designed to nourish both body and mind. Searching for a Turkish bath near me allows you to experience the timeless charm of this practice and its profound wellness benefits.

    Written on Wednesday, 22 January 2025 12:47
  • Top Reasons to Book a Luxury Yacht Charter Today
    Top Reasons to Book a Luxury Yacht Charter Today

    A luxury yacht charter represents the pinnacle of travel experiences, combining elegance, adventure, and exclusivity. Whether for a family vacation, romantic escape, or group celebration, this mode of travel provides unmatched freedom and comfort. Here are the top reasons why you should consider booking a luxury yacht charter today.

    Written on Wednesday, 22 January 2025 12:42