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Cumberland and Westmorland Herald
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    Long-awaited go-ahead for A66 dualling scheme

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    Extinction Rebellion protest outside insurance brokers

    Lake District mountain rescue volunteers called for missing man searching for lost phone

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    Changes to lease accounting – how will this impact your financial statements?

    Changes to lease accounting – how will this impact your financial statements?

    Man fined £100 for using cashpoint in car park

    Man fined £100 for using cashpoint in car park

    Honour for man who devoted his life to Greystoke

    Honour for man who devoted his life to Greystoke

    Sheep breeder’s successful debut at Royal Highland Show

    Sheep breeder’s successful debut at Royal Highland Show

    Global engineering firm Babcock supports Eden charity

    Global engineering firm Babcock supports Eden charity

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    Penrith skipper Nicky Burns calls on team to keep winning

    Penrith skipper Nicky Burns calls on team to keep winning

    £100,000 target for new changing rooms extension

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    Medal success for Upper Eden tug-of-war team

    Eden man competes in Hyrox World Games

    Eden man competes in Hyrox World Games

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    Double national triumph for Stuart Robinson

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    Patterdale’s Eden Eagles make history

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    Penrith teen crowned British vault champion

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Home Expert advice
This article appears as part of a paid partnership with Armstrong Watson

Tackling rising costs in your family business

By Glenn Clifford-Perkins, accounting partner, Armstrong Watson

by CWH
20 September 2023
in Expert advice, News
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Glenn Clifford-Perkins, of Armstrong Watson

As interest rates continue to rise, and with inflation stubbornly high, many businesses are experiencing rising costs.

While you need to keep pace with these cost increases when pricing your products and services to maintain profitability, this can be particularly difficult when coupled with the current cost of living crisis as, more than ever, your customers will want to ensure they are getting value for money.

This is a challenge that can put additional pressure on your business’s bottom line profitability and cash flow, but careful management and planning can help to ease some of the pressure.

6 tips to tackle rising costs

  1. Maintain close relationships with your suppliers and take full advantage of any special offers available to obtain the lowest unit cost. Negotiate favourable payment terms wherever possible.
  2. Seek alternative quotes where necessary to ensure your suppliers remain competitive. Shop around for the best deals on your utilities, telephone and broadband bills.
  3. If your business has substantial borrowings, consider whether you have any refinancing options available to manage rising interest costs.
  4. Review the individual margins on all products and services you provide. If certain products are not profitable then consider either repricing or removing them from your offering.
  5. Make sure you are doing all you can to minimise wastage to keep your margins as healthy as possible.
  6. Regularly review your stock levels to ensure you are carrying the correct amounts of each product. Carrying too much stock ties up cash unnecessarily but carrying too little can lead to loss of potential earnings and dissatisfied customers.

In order to weather the economic storm and in anticipation of any further rate rises, it is wise to conserve cash where possible.

However – and often sadly as a result of some businesses having been forced to sell up after a turbulent few years – despite high-interest rates, there are still opportunities for those looking to expand, with new locations to buy or lease available on favourable terms.

Similarly, if your product and brand are strong, and you have a detailed vision of what you would like to achieve, expanding your business to capitalise on increased post-pandemic trade could be a viable option.

For support and advice on any issues surrounding your family business, please call 01768 222030 or email help@armstrongwatson.co.uk.

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