In this video, we discuss essential strategies to help your business thrive amidst rising interest rates. Nicky Larkin, our Founder and Managing director, delves into various options you can explore to mitigate the effects of these higher borrowing costs.
Firstly, if you have available funds, consider repaying your borrowing. While this might not be feasible for everyone, it’s an ideal way to reduce your interest burden.
Next, try examining your cost structure. Cutting costs can free up much-needed cash flow. Additionally, exploring the possibility of increasing your prices or boosting your sales volume can help improve your financial situation.
Cash flow management is crucial during such times. Optimise the timing of your payments to enhance cash flow without increasing expenses. Remember, cash is king in business.
Lastly, consider renegotiating your borrowing terms. Depending on your situation, you might find more cost-effective borrowing options elsewhere.
Watch this video to discover practical steps to navigate the challenges of high interest rates and ensure the financial well-being of your business.
Don’t let rising rates hold you back; take control of your business’s financial future today!