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.
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.