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0113 246 1234

Will your business survive the winter?

The ongoing cost of living crisis is creating a host of obstacles for businesses across the UK and concerns about how the rising energy bills will impact small businesses are building.

According to the head of the British Chambers of Commerce, businesses will have to shut down this winter if they are not given the correct support.

The main focus has been on the rising energy price cap hitting households, but SMEs are also faced with higher running costs.

How can you manage higher costs?

During this time, you must closely monitor your management accounts. Having a clear idea of how your business is performing at all times can inform you of any necessary changes.

In line with this, consider making any management meetings more frequent so that you can quickly identify problems and adapt your business plan accordingly.

If your accounts indicate that you have a particularly high energy output, investigate why this is.

There may be scope to save energy by encouraging small behaviours such as unplugging appliances when leaving the workplace.

Does your business need more financial support?

Of course, the toll of these energy prices may be more than these small savings can offset.

It may be worth exploring whether any funding opportunities can ease this impact.

Whilst the Government has outlined a support plan to help households with these rising energy costs, support for businesses is yet to be announced.

The President of the British Chambers of Commerce, Baroness Ruby McGregor-Smith, commented on the need for more support for businesses:

“One of the big measures we are asking for, and have been for some time, is for Covid-style support to be given by measure of a government emergency energy grant for all SMEs,”

Whilst there is no set funding to support SMEs with energy prices at the moment, other available funding opportunities can be found here.

Need advice on funding opportunities? Contact us.

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