We understand that businesses are currently facing difficult times, with many companies still recovering from the hit of reduced operations over the past couple of years. And with global inflation continuing to be a challenge in 2023, businesses are still battling everyday costs too. At Crystaline, we’re committed to helping businesses like yours mitigate the challenges, and have worked with our partner, Vodafone, to provide some useful advice for navigating this coming year.
5 ways to combat rising costs for your business:
Ensuring your business is delivering the best return on your investment is a continual process, and one that requires creative thinking. Here are five ways to help keep costs low and maximise returns – all while keeping customers happy:
- Using technology to streamline and gain insights
The right tech can work wonders in streamlining your business operations – not only cutting costs, but also time, energy and stress. There are now a range of technology options that are reimagining operations in a cost-effective way, from customer communications to team collaboration as well as supply chain and other administrative processes.
- Revisit the supply chain
Unnecessary waste in the supply chain can be costly to businesses of all sizes. But before making any changes, you need to have a full and documented view of your supply chain strategy. Sourcing local suppliers can appear costly initially; however, there can be hidden costs when importing, too. Locally, these costs could be eliminated with quality remaining the same, or in some cases, even improved.
- Negotiate contracts
Now might be the time to revisit contracts across the business and make longer-term arrangements where possible. Property and equipment leases are examples of agreements that have room for flexibility. Communicate with suppliers and be transparent about any cash flow issues you may be experiencing.
- Don’t be scared of setting new prices
To maintain loyalty, it’s important that you communicate with your customers. Explain why prices are increasing, giving them a fair warning and thanking them for their continued business. For new customers, it is about how you position your product in the market – juxtaposing your product or service against a far more expensive competitive version can make your offer seem more appealing.
- Invest back into the business
In tough times, you have to speculate to accumulate. What this means is not stopping all spending in a bid to cut long-term costs, as this may cause more harm than good. It’s important to use this time and available funds to help future-proof your business to the best of your ability.
To see how we can support you to make some of these changes and identify any potential savings available, please give us a call on 0344 8464 222. For more useful tips and advice on navigating the cost of living crisis, check out V-hub from our partner, Vodafone. Kind regards,