Inflation and Business
Is inflation having a significant impact on your business?
It’s just over 12 weeks since Covid-19 restrictions were lifted and UK small businesses are now grappling with a new nemesis: the impact of a barrage of price rises, as energy and fuel costs spiral, and raw materials become harder to source.
Despite remaining fairly steady for the past 14 years, inflation has ballooned as the Pandemic has disrupted almost every aspect of the global economy.
Earlier this month, the Bank of England announced the base rate increase from 0.75% to 1.00% – the highest level since the 2008 financial crisis.
Many UK businesses have done well to survive the last two years, and having looked forward to a period of economic stability post-Covid, they are now confronted with the opposite. After navigating Brexit and the Pandemic, business owners now face another year of financial difficulty, and many firms will be looking closely at their company costs to ensure outgoings are kept to an absolute minimum in order to protect cash reserves.
If you are looking to strengthen your firms finances and need any help or advice, we can discuss all aspects of Business and Commercial Finance. It’s always worth evaluating your current processes to find more efficient ways of working and strengthen your financial position.
Independent Business Finance are dedicated to helping SMEs. We provide a bespoke service to each and every one of our clients. We take the time to get to know you and your business because we care and have an interest in your company aspirations.
For further information or to chat about all the products and services we can offer you, contact our office: 01204 398816.
