- Inflation: Much like the peaks and troughs of the business world, inflation rates have experienced their own turbulence. Despite a recent dip, businesses are still reeling from the lingering effects of the inflation peak of 11.1% in October 2022.
- Supply Chains: The nature of supply chains means that a rise in cost to one product often creates a domino effect, impacting businesses across the board.
- Energy: Gas and electricity prices have hit unprecedented highs, especially affecting the hospitality industry.
So, what can you do? Here’s some key steps to help protect your business:
- Cost Checking:
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- Dive into cost reduction avenues, negotiate with suppliers, and consider moving outsourced services in-house.
- Source products locally to dodge expensive shipping costs and taxes.
- Loyalty to Customers:
- Foster trust by delivering reliable, high-quality, and reasonably priced products and services.
- Implement loyalty discount schemes or payment instalments to retain and encourage customers.
- Financial Assistance:
- If your books look good, you could explore business expansion through commercial loans. However, make sure you take expert guidance before making any big decisions!
- Reviewing Energy Consumption:
- Reassess energy contracts and consider environmentally friendly options.
- Encourage energy efficiency among staff through technology and awareness.
- Subscriptions for Customers:
- Offer subscription options for products, this guarantees regular payments for you while keeping customers loyal.
As you navigate the cost-of-living crisis – strategic cost management, customer retention, and well-thought-out investments are the anchors to keep your business afloat. Here at CoGoGo, we’re still seeing an active market that has overcome many of the economic challenges, and lots of investors are looking to acquire high-street businesses.
If you’ve decided it’s time to move on from your business and want the best price, zero fuss and no up-front fees… it’s time to CoGoGo.
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