53% of small businesses expected to stagnate, shrink or fold in the coming 12 months
We are all feeling the pinch as the energy crisis is tearing through our high streets, with small businesses feeling huge impacts of soaring gas and electricity prices, especially cafes, restaurants, shops and salons.
It has been quoted by The Guardian across the UK, growing numbers of traders are closing their doors for good in the face of unaffordable costs driven by record inflation, with some reporting tenfold increases in utility bills.
The Guardian states “In yet another flashing red light for the economy, which is forecast by the Bank of England to fall into recession next year, data published on Friday by the Federation of Small Businesses (FSB) shows that a majority of firms – 53% – expect to stagnate, shrink or fold in the coming 12 months.”
Tackling the next 12-months is going to be challenging for lots of us, however our biggest piece of advice would be to stay positive and focussed. It’s important to trust in your ability and keep delivering a 5* service!
Ensure you are taking the time to review your business. Keeping on top of your finances is key as well as thinking tactically about price changes like you would in your personal life. Our team at G&G Worldwide can give your business clear advice and a health check to help you plan for the future. Now may be the perfect time for a review of your businesses performance.
Seeking funding may also be the next option for you and thankfully there are a number of options available for small business owners who need extra cash flow. It is never easy to get started on your own and we absolutely understand this.
Although the financial market is showing lots of doom and gloom online, our main bit of advice would be to seek professional clarity on your individual circumstances before making any big decisions.
We are ready to support you through the next 12-months. Reach out to our team to discuss your requirements today!
If you would like any guidence on how to move your business forward, G&G has the necessary skillset to help you manage your business more efficiently and more profitably. if you would like some assistance, please dont hesitate to contact us.
From business planning or Business Administration to assisting with your organisations growth, we are happy to advise and help where we can. Get in touch to start your no-obligation consultation!
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