{"id":10188,"date":"2024-03-20T11:20:26","date_gmt":"2024-03-20T15:20:26","guid":{"rendered":"https:\/\/shaynaco.com\/?p=10188"},"modified":"2024-03-11T18:53:13","modified_gmt":"2024-03-11T22:53:13","slug":"how-do-i-adapt-my-small-business-strategy-in-the-midst-of-a-cost-of-living-crisis","status":"publish","type":"post","link":"https:\/\/shaynaco.com\/how-do-i-adapt-my-small-business-strategy-in-the-midst-of-a-cost-of-living-crisis\/","title":{"rendered":"How do I adapt my small business strategy in the midst of a cost of living crisis?"},"content":{"rendered":"

So, we\u2019re officially in the thick of a cost of living crisis. This presents a challenge for entrepreneurs and is a nerve-wracking time for many small business owners.<\/span><\/p>\n

If you\u2019ve had sleepless nights worrying about how you\u2019re going to pay your suppliers or support your staff, you’re not alone. It\u2019s likely you\u2019ve already looked at where you can cut costs, but it seems like an impossible task when suppliers are raising their own prices.\u00a0<\/span><\/p>\n

But, don’t despair just yet! There are strategies to stretch your dollar further, and they’re not always about trimming expenses.<\/span><\/p>\n

Regularly review your costs<\/b><\/h3>\n

Knowing exactly where and when money is coming out of your business, is the first step to seeing where you can save costs. You could be paying for services you don\u2019t even use, or simply aren\u2019t worthwhile.<\/span><\/p>\n

Check your statements with a fine-tooth comb<\/b><\/h3>\n

By going over your accounts in detail, you might find payments coming out that you had forgotten about, e.g. for subscription services you no longer use. Even if it only saves a tiny amount each month, these costs add up over time and the cash could be better spent elsewhere.<\/span><\/p>\n

Take it one step further and ask yourself if the products or services you pay for add value for your business.<\/span><\/p>\n

Be on the lookout for deals<\/b><\/p>\n

Once you\u2019ve got a clear idea of your costs, work out whether your money is going as far as it can for the services you need. When was the last time you reviewed your providers? Can you negotiate a better rate? Could you get a better deal by going elsewhere?\u00a0<\/span><\/p>\n

If you\u2019re a single-person business, you also might be able to get better rates. Many software companies have much cheaper individual plans, so it\u2019s worth double-checking you\u2019re taking advantage of your one-man-band status.<\/span><\/p>\n

Look at ways to bring more money into your business<\/span><\/h2>\n

We’ve explored the topic of outgoing expenses, but there’s another approach to enhancing your cash flow – bolstering your sales and generating more revenue, a strategy with a longer-term impact.<\/span><\/p>\n

Amp up your marketing efforts<\/b><\/h3>\n

It might seem counterintuitive to spend more when you’re looking to save, but investing in marketing can yield profitable results in terms of increased sales. There will be short-term costs, but in the long run, effective marketing can substantially contribute to a positive cash flow.<\/span><\/p>\n

Manage your receivables effectively<\/b><\/h3>\n

Nobody enjoys chasing after debts, yet doing so can significantly boost your business, especially in challenging times. Here are some ways to streamline the process:<\/span><\/p>\n