To help to get inflation back down; on 3 August 2023, the bank of England raised our interest rate (Bank Rate) by 0.25 percentage points to 5.25%. This is its highest level since February 2008. This has a huge impact on businesses, most especially small businesses which are often dependent on external finance for growth and investment. The increased cost of borrowing therefore makes it more difficult for them to get help to raise finance they need to thrive. Hence, such businesses need to be more proactive and strategic in their financial management to keep afloat. Here are five specific steps and strategies they can implement:
By implementing the above business improvement strategies and maintaining a proactive approach to financial management, small businesses can rise above the challenges of the rising interest rates and position themselves for long-term success and growth.
If you need help in any of the above pointers or others regarding the rise in interest rates, give us a call today on 0333 355 1696 or send us a message at email@example.com.