This material has been prepared for informational purposes only and should not be deemed to be or used as legal, employment, or health & safety advice. For guidance or advice specific to your business, consult with a qualified professional.
The cost of living crisis and rising energy prices have hit small businesses hard. But the UKโs small businesses are nothing if not resourceful. Weโve put together some practical tips and strategies that will hopefully help you with the current downturn.
Get support with your energy bills
Many small businesses are facing a significant increase in their energy bills. Your suppliers may help if you are having difficulties managing your businessโ energy bills โ many energy companies offer schemes or grants to help you improve your business efficiency, which can reduce costs.
There are also other financial supports you can avail of from your local councils and governments. You can use the GOV.UK business finance and support finder to search for grants.
To learn more about how you can get support with your energy bills and other resources available to you, visit Ofgemโs website. You can also contact Citizen Advice on 0808 223 1133 or use their online webchat for further support.
Ask for financial support for your business
There are multiple grants available for small businesses from both the UK government and other institutions. While many are often for a certain business stage, such as startup or growth, some are designated for specific business functions such as providing broadband or paying utility bills.
This article will guide you through how a business grant works, all the government grants available for small businesses and how you can apply for them.
Expand revenue streams and stay connected with your customers
Alongside financial support for your business, there are also steps you can take to promote your business, particularly when consumers are being careful with their purchases. These donโt have to involve vast research or expense. Simple solutions included leveraging existing products and presenting them to the customers in a new way such as through a subscription service. Or you could expand your suite of services and offer click and collect to customers.
You can also leverage tools like automated email marketing (which are cost-effective and suitable for businesses with lower marketing budgets) to stay in touch with customers and inform them of the latest deals and special offers.
Businesses can take a step further to sweeten the deal and encourage customers to commit to purchase with a customer loyalty programme. This comes with the bonus benefit of providing an opportunity to gather data on buying habits โ which you can use to inform your marketing strategy.
Seek advice from other businesses
If you have any questions about Square or are running into any issues, please donโt hesitate to contact us or start a new thread to share anything that has been on your mind. Donโt forget, if you are using any Squareโs paid services, you can pause your subscriptions for up to 3 months.
Itโs important to remember that you are not alone in facing the Cost of Living crisis โ other businesses have or are experiencing the same challenges. Read how other Square sellers save money in a challenging economy or share your tips with businesses who may be struggling.
