Can businesses bring the passion back on Valentine’s Day?

For business owners, there is no truer soulmate than the company that you have crafted with your own hands.

As you pour time and attention into it, you might have found that things feel a little bit less rewarding recently.

However, getting a better relationship with your finances could be the key to rekindling the romance and getting things back on track.

What support do businesses need with their finances?

Currently, businesses are staring down the barrel of some major cost increases that will hit in April.

A combination of the Autumn Budget and the Employment Rights Act is set to increase the pressure on business owners, with very little in the way of help.

The upcoming wage increases are understandably causing concern for business owners who understand that as the National Living Wage (NLW) and National Minimum Wage (NMW) go up, an expectation is formed that other wages will rise.

From April 2026, the increase in employee wages includes:

NLW (for 21 and over) – £12.71 per hour (up 4.1 per cent)
NMW for 18-20 year olds – £10.85 (up 8.5 per cent)
NMW for 16-17 year olds and apprentices – £8.00 per hour (up 6 per cent)

Higher-paid employees will be hoping for a commensurate increase to preserve wage fairness in the workplace.

Alongside the increased wages, changes to Statutory Sick Pay (SSP) may form a compliance issue for unprepared business owners.

The fact that more employees will be entitled to SSP sooner may not put as much strain on finances as some of the other changes, but it could cause problems if not handled appropriately.

Even for business owners with relatively few employees, changing business rates will make operational costs more challenging.

This is all against the backdrop of ongoing economic tensions around the world that put pressure on international supply chains.

If your business is not directly engaged with the global economy, the ramifications can still make things difficult, as it has an impact on the UK economy.