Is Your Business Running in Survival Mode?
Running a small business means new challenges come up all the time. Often those running small businesses are hit hard by problems that are outside their control, leaving them looking for ideas on how to make the best out of the situation. Moving from problem to problem is sometimes known as being in survival mode. But how do you know if your business is in survival mode? What are the factors that could be pushing you there?
What are SMEs’ biggest worries in 2022?
- Brexit red tape and regulations – after leaving the EU, some are still having difficulties trading freely, and hiring, training and retaining staff.
- Access to finance – whether for growth, hiring, or purchasing premises; SMEs are finding it harder to secure finance on their own.
- Rising cost of living – the increase in the cost of daily life and running a business
- Global supply delays – the pandemic influenced the shortages of materials in different sectors and increased waiting times as many of the largest producers had to stop temporarily.
What might be making my business stay in survival mode?
- Holding off on opening new or additional business premises.
- Not securing finance to avoid more debt.
- Not purchasing any new equipment, tools or materials.
- Not hiring additional employees – even if you can hire them.
But it’s not all doom and gloom, there are ways to look at and deal with these issues and they often start with having the right team of advisors around you. If you think you might need finance, it’s worth engaging with a broker, possibly using an agency to find staff or an accountant to support your business. An accountant would certainly not fix all the challenges a business may face but it can certainly provide financial certainty. Find your local AIMS Accountant here.