Supporting You Through Difficult Times
The cost of living is on everyone’s minds currently, especially if you’re a business owner or director.
Managing cash flow, supporting employees, and ensuring business operations can continue during uncertain times can bring undue stress and concern.
The current economic climate is seeing record increases in energy prices for businesses, where there is currently no price cap on what businesses can be charged for their energy bills. However, the government has introduced a six-month discount on the wholesale prices of energy for suppliers starting from October 2022 as part of the Energy Bill Relief Scheme, which means businesses will receive discounted rates.
Unfortunately, this doesn’t guarantee businesses will be paying less than they currently are and doesn’t forecast what bills may look like following these six months. Business sectors such as hospitality, retail, and beauty are expected to be the most affected by these price increases as their energy consumption is typically far higher. On top of this, the cost-of-living crisis means we are facing unprecedented price increases in the food supply, which will directly impact hospitality and food distribution overheads.
Furthermore, the fluctuation in fuel prices means taxi, haulage, logistic, and courier services will all have to account for more considerable fuel expenses. Outside of these industries, increases in travel costs mean employees may experience difficulty sustaining a work commute which can be disruptive to business operations if you cannot afford to support employee travel expenses or their roles are not suitable for home working.
Regardless of your industry sector, you will feel the cost-of-living pinch, whether directly in your business or outside of it. You may have concerns for your employees’ well-being, cash flow restrictions, and navigating the unknown regarding your future business costs.
At Fortis, we support you through uncertain times and reassure you that you are not alone. Our expert team of licensed business advisors are here to listen to your concerns, offer advice and implement financial planning and strategies should you need them.
It is essential to reach out and speak with financial professionals who can alleviate any stress you may feel as a business owner, not only for your business but also for your mental well-being.
Speak with one of our expert advisors today by calling 0161 694 9955.