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 Irish small businesses are nothing if not resourceful. We’ve 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. The Irish government has recently introduced new financial support measures as part of the 2023 Budget, such as the Temporary Business Energy Support Scheme (TBESS) which will provide qualifying businesses with up to 40% of the increase in electricity or gas bills up to €10,000 a month.
There are also a number of existing supports and resources available to help businesses mitigate the impact of rising energy costs and become more energy efficient. You can find a full list of schemes and resources on the Department of Enterprise, Trade and Employment's website website. Additional support is available to retail businesses.
It is also worth contacting your suppliers directly as they may be able to help with improving your business efficiency and reduce costs for your energy bills.
Ask for financial support for your business
There are multiple grants available for small businesses from both the Irish 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 installing broadband or paying utility bills.
Our team has put together a guide to walk you through everything about business grants: how they work, 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 don’t 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 take advantage of 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 — 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 don’t hesitate to contact us or start a new thread to share anything that has been on your mind. Don’t forget, if you are using any Square’s paid services, you can pause your subscriptions for up to 3 months.
It’s important to remember that you are not alone in facing the Cost of Living crisis — 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.
You should also consider joining a small business trade organisation for your industry. Through these organisations, you can meet potential business leads, customers, referrals and potential new staff, all the while knowing you have a body of experts behind you if you have a problem or questions. Read more about small business trade organisations on our Town Square.
Look after your mental health and reduce stress
It can be difficult to prioritise self-care as a small business owner but it is important to look after your mental health during this challenging time, especially with the busy Christmas period ahead. Here are some self-care best tips from our Super Sellers which you can try out.
Tra | she/her
Community Engagement Program Manager, Square
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