April has brought rising costs, National Insurance and Minimum Wage increases coming into effect have left businesses with significantly increased overheads and global uncertainty is causing low confidence. It’s crucial to explore practical strategies that can mitigate the impact of these changes and keep operations running smoothly. Here are our top 3 effective ways for businesses to cope with recent bill increases:
Review Current Financial Arrangements: Take the time to review your financial arrangements, including any ongoing contracts, subscriptions, or finance facilities. Restructuring these commitments can uncover potential savings. Renegotiating terms with suppliers, seeking more competitive energy providers, or refinancing can result in lower monthly outgoings and big savings. A thorough audit of your financial commitments can help identify areas where you can cut costs or restructure to better suit your current needs.
Beat bill increases by Updating Your Equipment for Efficiency: Another key strategy is to upgrade or replace outdated equipment. Older machinery and technology often consume more energy or take longer to perform tasks, which can lead to higher operational costs. By investing in more efficient, modern machinery and systems you can streamline your processes and reduce energy consumption, leading to long-term savings. If your business is in need of assets such as vehicles, plant and machinery or manufacturing equipment then asset finance allows you to spread the cost of acquisition over a number of years, rather than having to pay for the asset outright at the start.
Asset finance can be a strategic tool for businesses aiming to improve their operations, manage finances more effectively, and maintain a competitive edge in their industry. Unlike other lenders, our facilities are often available for businesses with poorer credit files as we consider every application individually on it’s own merits.
Explore the Growth Guarantee Scheme: The UK Government’s Growth Guarantee Scheme offers financial support to businesses in need of funding. It can help you access affordable business finance to cover rising bills or invest in growth initiatives. This scheme is especially beneficial for small businesses that may struggle to secure traditional finance, or that lack the security traditional banks require.
We specialize in areas of support that other lenders might not help with so, if your business is in need of a helping hand in the current economic climate, get it touch and we’ll work to find a solution that works for you.
