Many businesses will already know about the implications that the rising cost of living is having, and this probably comes from personal experience.
The rise of prices in all industries has proven difficult for many to handle, especially small and medium sized businesses who find themselves in financial difficulty.
In fact, more than 50 per cent of small and medium sized businesses have seen their overheads increase by a quarter – highlighting the fact that businesses need to keep a tight control of their finances and administration in these difficult times.
Despite many business owners doing their best, unforeseen circumstances, late invoices, VAT bills or other problems may set a business back considerably.
Team this with increasing overheads such as rising costs of petrol, rent, utilities and materials and a business might find themselves in a difficult financial position which could lead to the end of the business.