Saving money during the Cost Of Living Crisis & Inflation – Small Businesses

What issues are we facing during the cost of living crisis?

It’s a difficult time for many small business owners at the moment

We see energy prices skyrocket after only just recovering from the impacts of the pandemic.

Rising energy costs are currently one of the biggest threats to small businesses, with many seeing rises of 1400%. In the months to come, these prices are likely to increase again as firms are not protected by a price cap unlike consumers.

The SME Insights Report found that 54% of small and medium-sized enterprises (SMEs) were concerned that insanely high bills could lead them to closure.

Saving money

We are going to provide you with some tips on how to save money as a small business during the cost of living crisis.

Cut down on Subscriptions

Are there subscriptions that you no longer need or could go without? Things like subscriptions could save you a large amount of money each month, especially when these are no longer needed or providing any help to your business.

In person or online?

By moving things online, you could save money on the electricity bill. For example, instead of having the office open an extra hour to conduct a meeting with a client, you could organise it to be over Zoom or Skype, therefore not having to have the office open as these meetings can be conducted from home. This could also save on travel costs, as there would be no need to travel to those clients who may be located far away.

Sell Sell Sell!

Are there things that your business owns that you no longer need? For example, monitors laying around collecting dust? Desks with no occupant that are being used or that do not serve the purpose they used to. Printers that the business outgrew but kept ‘just in case’ but never got used? Sell it!

Selling these items that are no longer in use, and could go to a better home, will give the business some extra money to help pay for bills, and also reducing the environmental impact at the same time, as they will be going to a new home instead of being thrown away. It’s a win win situation.

Turn things off

Sometimes it’s the small things that we may not think about. According to The Energy Saving Trust, it is estimated that you could save around £40 a year by turning off devices you’re not using. This also helps to reduce your carbon footprint!

Does your business have a radio that stays on standby mode whenever it isn’t in use? Switch it off. The same goes for TVs and kitchen appliances. By switching appliances off at the wall when they’re not in use, you can effortlessly save yourself money.

Look at your accounting

A good accountant will not only provide you with solid business advice, but they’ll also help you avoid costly and common errors.

At Spectrum, we can do all the hard work for you.

We offer bookkeeping, payroll, CIS returns, and get you set up for MTD – and much more!

Our affordable solutions are here to help you during these tough times.

If you already have an accountant, it’s a good idea to see if they are still suiting your business needs.

If you’re not 100% happy, it’s time to switch to an accountant better suited to you and your business.

Switching to Spectrum

Please give us a call on 01179 902218 to speak to one of our members of staff or email us on hello@spectrum-accountancy.co.uk to discuss how we can help.

Did you miss our previous blog about Self-Assessment?

Visit our social media pages for frequent updates: Twitter, Facebook, LinkedIn, Instagram

Categorised in: Business, Cost of Living, Small Business

This post was written by Daisy Vowles