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  • Writer's pictureNeil Smith

Tackling inflation: How your small business can face rising costs head on

After years as a Bank Manager for Barclays, I understand the hurdles small business are facing. With inflation rising and a concern for many small businesses there are different ways you can lessen the impact.

Dealing with rising costs

Profit margins are reducing, and now thanks to inflation many businesses are spending more on overheads and every day running expenses to continue trading, as the cost of doing business rises in line with the cost of living. You need to find alternative ways to balance profit margins, so you don’t end up relying on raising prices over the level of inflation to make a profit.

Consider different finance options available

To face rising costs head on, seeking alternative finance to help fund gaps in working capital, or to provide some financial stability, is by far the most effective option. I can help with this. With access to over 80+ diverse funding providers, I can do the hard work for you and get you the best deal suited to your business requirements.

Invoice finance

Lenders use unpaid invoices as security for funding, giving businesses quick access to a percentage of that invoice's value. It can help manage cash flow, and provide greater control over working capital. I can help with this.

Asset finance

This where businesses spread the cost of large assets across small regular payments, freeing up funds to make additional purchases elsewhere. Following this route will enable you to grow and increase the potential for trade opportunities.

Through regular cash-injections - like working capital loans – you can ensure the day-to-day running of business operations, even when funds are tight. And from these, other existing funds can be freed up to spend on things like business development to spearhead commercial growth. This could potentially be the most suitable option for keeping businesses sustained through tough market conditions and increasing inflation. Again this is where I can help you with a competitive, bespoke quote to suit your business needs.

Accessing different types of finance

Traditionally, accessing finance for business has not come without its challenges - particularly for young businesses or those with small turnovers - but innovations such as open banking are levelling the playing field. Open banking allows lenders to access transaction data directly from a business bank account to verify the financial health of a business. This makes it easier for businesses who might have been turned down before to access finance.

Again this is where I can help you with a competitive, bespoke quote to suit your business needs.

Asset Finance Solutions is a trading style of Impact Commercial Finance Ltd which is an independent asset finance brokerage not a lender, as such we can introduce you to a wide range of finance providers depending on your requirements and circumstances. We are not independent financial advisors and so are unable to provide you with independent financial advice. Asset Finance Solutions may receive payment(s) or other benefit from the finance provider if you decide to enter into an agreement with them.

Impact Commercial Finance Ltd is an Appointed Representative of AFS Compliance Limited which is Authorised and Regulated by the Financial Conduct Authority No. 625035

Impact Commercial Finance Ltd is a Franchisee of Asset Finance Solutions (UK) Ltd.

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