Without a doubt, 2023 will throw many businesses more than one SME challenge. However, there are some things that you can do to make life a little easier and influence how you ride the challenges to come.
Whilst you can’t control factors such as rising energy costs, increased fuel costs and the inevitable inflationary pressures on goods and services, having a plan in place now will make 2023 a smoother ride. Look at all aspects of your business operation. That way, you’ll better survive the current economic climate and move forward in 2023.
Energy and contracted supplies
Its become commonplace in domestic environments to use comparison sites to highlight the best deals, but the same goes for businesses. Compare business energy suppliers to get the best deals. If you are at the end of a contract, check out the rates offered across the market. If you have a while to go on contracts, it’s worth keeping an eye on the market to ensure you know when to switch if you need to. Energy supplies are not likely to drop in price in the short term, but other contracts, such as mobile phones, cloud service and loan equipment costs, could change in your favour, so keep an eye on market rates to secure the best deals for 2023.
Of course, there is also no shame in actively looking to cut your usage and tell everyone about your aims!
Business bank accounts
As well as getting your business bank account in order, take a close look at all outgoings. Again the competition amongst banks for your business can see some deals that are better than your current deals. Reducing unnecessary costs, even in the short term, will mean you keep more of your income. So wipe out the expenses that aren’t essential to the core running of your group, so 2023 costs you less.
Consider finance options in advance of any SME challenge
We will likely see further interest rates rise throughout 2023, so it could be worth securing finance deals now if you think you may need them in the next few months. There are a range of finance options, in addition to traditional business loans, that can give you the security you need for your business to ride 2023 at a lower rate than waiting till the last minute if interest rates rise again.
Whilst we all hope there is not another event similar to the pandemic ever, it is pretty clear that it can have devastating effects on businesses, and pretty quickly. Protection and prevention are better than cure, so assess how insurance can give you that backup peace of mind. Business insurance can be a worthwhile expense that will provide you with a degree of protection should anything similar happen and protect your business against a range of issues that could make trading life challenging.
Surviving and thriving throughout 2023 means doing more than just sitting back and waiting. You must be proactive, don’t sit back as this leaves you with a less agile business should you face an SME challenge.