Businesses are facing a cost of business crisis. This affects millions of business owners in the UK and around the world. Not in a good way. This is a crisis that’s under reported, not widely discussed and very little financial support.
However, it’s something that could wreak havoc on the survival and existence of businesses of varying sizes and complexity. This can result in businesses closing their doors for good and leaving people without jobs. There is a human cost, with personal bankruptcies, foreclosures, evictions, and anxiety. It is important for business owners and others to understand the factors that contribute to its creation. In this video I am going to
- Firstly outline what the cost of business crisis is and the factors that contributed to its creation
- Secondly, the right mindset and approach for dealing with this
- Thirdly, what we can do to try and navigate those choppy and turbulent waters- spoiler alert, planning plays its part
- Lastly, look at managing and reducing energy costs
The cost of business crisis is a sharp increase in the cost of living that has put strain on businesses and households alike. The main factors causing the cost of business crisis are the rising cost of energy, inflation, and interest rates. As businesses try to navigate these choppy waters, they are faced with the challenge of how to keep their prices competitive while still covering their costs.
The cost of business crisis can be devastating, but there are ways to soften the financial blow. By being proactive and prepared, businesses can weather the storm and come out stronger on the other side.
What can we do to navigate those choppy and turbulent waters?
- Firstly, it’s important to have the right mindset and approach.
- Secondly, we need to focus on managing our energy costs.
- Finally, watch this video for more information and subscribe to our channel so you don’t miss out on any future episodes.
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