With inflation at its highest rate in 30 years, and energy costs set to soar with the price cap hike, businesses all over the UK are feeling the pinch.

So, what steps can you take to stay afloat? Better yet, how can you make money-saving changes while still maximising profits? Here’s how to ensure your business thrives in the coming months…

Always overestimate

The art of running a business is all in the budget. You’ll need to make sure every product and drop of petrol is accounted for – and then some.

When planning your business budget, we recommend costing everything you’ll need and then adding at least 10% on top to cover any additional costs. That way, you always have a buffer to keep you one step ahead.

Save for a rainy day

As well as slightly overestimating the running costs of your business, it’s important to have funds set aside for when things go wrong. Planning for volatility is a key tactic employed by some of the most successful organisations.

Unexpected issues that can prove costly include things like a boiler breaking down, equipment repair and maintenance, insurance, taxes, and more. If you’re unprepared when these issues arise, lack of productivity can lead to even greater losses.

Keep things professional

With rising bills affecting household costs too, it can be tempting to lean on your business funds for a little extra support. Our advice to you is to always keep your personal and professional budgets separate – that way, you won’t find yourself in a sticky situation later down the line.

Established businesses may already be doing this, but if you’re just starting out, we recommend having a business bank account and debit card that’s separate from your personal bank account.

Invest in results

As a business owner, it’s important to remember that you are in no way obliged to issue automatic wage increases in line with the rising cost of living. When it comes to the success of your business, it makes sense to reward results – meaning every penny you spend improves your bottom line.

If your business performs better than expected, consider bonuses. Whether you issue them at peak times or the end of the year is up to you, and you can tie the amount awarded to sales or production. Using them as an incentive for a particular campaign or time period can be a good way to motivate staff too.

Speak to your partner in profitability

Keeping up with an ever-evolving market means always planning ahead. But when you’re focussing on your business’ day-to-day, it can feel like you’re sprinting just to stand still. Well, what if we told you there’s another way?

At Nabarro Poole, we help you make informed decisions about the future of your business, using the latest technology for the best results. And that’s not all – we offer a complete suite of services to manage your finances efficiently and effectively.

If you’d like to discuss your business goals as well as tips for sustainable growth, our dedicated team is here for you. Get in touch with us today on 0161 998 4276, or email info@nabarropoole.com.