A lot of businesses are going to find that things will be getting a lot tougher for them over the coming months / years.
The new compulsory living wage, combined with the pension auto-enrolment, are going to have a real impact on the fortunes of many companies. Both these initiatives will mean that companies are going to have to make changes just to keep standing still.
To cover their increasing costs, business owners will have to:
- generate more (profitable) business ~ always the goal, but rarely easy
- increase their prices ~ not something many would relish given the current competitive environment
- cut their costs ~ not an option for many, as they have already cut their costs as much as they can.
It’s been a tough few years for many small companies and it won’t take a lot to tip some of them over.
If you are a company director who is worrying about what you should be doing now, our advice is that it is always best to act sooner rather than later. You should seek professional advice now.
You can discuss your particular situation with our experts, and we will recommend the best options available to you.
This advice is free. You should take advantage of it.
Contact us now on 0161 907 4044 or [email protected]