While the headline rate of inflation – which hit 9.4% in June this year – relates to the average inflation rate suffered by individuals living in the UK, the actual rate of inflation different people feel in their pocket could be higher. Businesses are affected by rocketing prices too, so now is the time to think about what you can do to reduce any costs your business incurs to improve your bottom line.
Inflation is a word on many of our lips at the moment as the cost-of-living crisis continues.
If you own your office or your building, then you will have to choose which energy company you get your light and heat from. So, it might be worth shopping around for an alternative to see if you can get a cheaper deal – after all, things are likely to get worse rather than better in the winter. For those companies working from leased offices, changing your supplier may not be an option. So, instead, you need to think about how to be more cost-efficient in your use of energy. For example, you could install motion-sensor lighting in your washrooms, so the lights are only burning when someone is in there. You could also encourage staff to turn off their computers and any other energy-guzzling appliances when they are not in the office. It all adds up.
Many of your employees may be working from home more often now than they were before, and if it suits your business then it might be time to consider increasing the number of staff that are offered hybrid or fully remote work.
If you are unsure how this works, then your accountant will be able to help you, and may also help your employees with their tax returns.
Has your business felt the pressure of inflation? Let us know in the comments below!