As the cost-of-living crisis worsens and inflation hits 9%, businesses are left feeling the pinch. So what has been the overall impact on SMEs, and is it still possible for them to thrive in this climate?
Most small businesses have already been forced to start taking steps to deal with the rising costs, whether that is reducing staff to cut costs, introducing price rises or halting or scaling down their growth plans. Still, as we continue to go into more uncertainty about what the future holds, it looks like SMEs will have to embrace even more strategic methods to ride out the wave.
When everything is uncertain, it’s time to take control and optimise the areas we can control as a business. Even if these are seemingly minor improvements, these efforts will collectively make a huge difference. Mail Manager looks at some areas that companies can address to help them ensure they can still have the tools to continue to thrive going forward.
Create an energy audit
It is reported that 7 out of 10 businesses had found that energy bills were a barrier to growth last year, and with the steep energy price rises this year, this will almost certainly be one of the critical factors holding SMEs back. Now is the time to look closely at how you use your energy. Be sure you are tracking your business’s consumption to spot the processes driving up those energy bills and look for opportunities to evaluate those workflows to something more cost-effective and sustainable.
Adopt technology to drive efficiencies
Embracing technology is one of the best ways to drive cost savings and efficiencies throughout your business. Many solutions available today support your business to work faster and lower error and risk while removing the need for human labour. One area that could offer you some quick cost wins is to look at your processes and see where you can automate certain parts of the workflow process. According to a McKinsey report, the businesses finding the most success are the ones that implement software that can easily be scaled as the business grows. Today there are so many different tech solutions that are affordable to SMEs and provide them with the ability to scale effortlessly.
Embrace hybrid working
Since the pandemic, hybrid working has become an attractive option for staff with 52% of employees considering a move to hybrid or remote working. By providing a hybrid working approach, allows the company to operate from a smaller office or shared workspace with staggered working as all staff will not be required to be in at the same time.
Mail Manager is an email management solution that helps reduce the productivity drain on employees by helping take control of their inboxes and giving them hours back in their day. If you want to see how Mail Manager can help save you time and money, you can book your personalised demo below.