Issue #61 - Future proof your business 🔮
Recession resilience for your business | Level up your staff | Digital switchover 2025 | Small business story [VIDEO] | Small business courses for July | Words | Tunes | More
🦾 GO
Can your business tackle a recession? 📉
Welcome to Issue #61 of The Backbone - the fortnightly newsletter from Bionic.
Let’s start with some good news - energy prices are coming down. Although still relatively high compared to previous years, they’re well below the peak of last autumn and at the lowest levels since around the end of 2021.
But just as it looks like one crisis could be calming down, along comes another as talk of a recession is back in the headlines. There are many reasons why we’re back in this position, having looked all year like we’d narrowly avoid it, but high inflation is key.
Inflation hasn’t come down as hoped (it stuck at 8.7% in May), which has spooked the Bank of England into another interest rate rise. Interest rates are increased to curb spending. The theory goes that this cuts demand for goods and services and helps to bring down inflation.
The trouble is, it’s soaring food and energy prices that have helped drive inflation up rather than people having too much spending power.
Putting up interest rates will increase costs further for most of us at a time when we can least afford it - borrowing will become more expensive and mortgage repayments will increase, which in turn means that rents will probably go up too.
As a business owner, this is yet another increase in overheads on top of high energy and food prices, as well as possible wage rises. If you’ve not done so already, now would be a good time to make your business as resilient as possible to a recession.
Here are some ways to do that:
💡 Energy - Check your energy usage and make cuts to it where you can. If your contract is up for renewal, make sure you arrange a new one at the cheapest possible rates.
💷 Costs - Consider sharing equipment or bulk-buying stock with other businesses. Use cheaper suppliers or cut down on the amount of stock you buy. Be honest with staff and don’t increase wages if you’re not financially secure enough to do so.
🛒 Customers - Your customers will be feeling the pinch too, so you need to try and retain them. This could mean putting off planned price rises, price matching rivals, or offering discounts to new or your most loyal customers.
For more ideas, check out this guide from British Business Bank. Or take a look at our guide to coping with the cost of living crisis.
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🗞 READ
Improve your staff's skills to level up your business 🕹
Putting resources into training staff might seem an odd call when money is tight, but upskilling your staff can help to retain them and help offer a better experience for customers. And the stronger your team, the more likely you’ll be able to band together and run the business successfully.
Here are some ways you can level up your staff's skillset and ensure everyone is performing to the best of their ability.
Get ready for the digital switchover 📞
As this issue is all about future-proofing your business, now is as good a time as any to remind you about the digital switchover.
All copper phone lines will be switched off by 2025. This digital switchover has already started, which means you’ll soon need to switch to a digital system to keep using your landline and future-proof your business. Here’s all you need to know.
🗣 SHOUTOUT
#BionicBusinessStory - Cha Bar ☕
We’ve done something a little different for this week’s small business story. Chloe interviewed Les Roberts (now Senior Content Manager here at Bionic) on the time he spent running a tea shop.
If you’d like to get involved in our small business stories, email us at media@bionic.co.uk
📚 FACTS
Did you know…there are loads of free online training courses that can help you with all aspects of running your business? Here’s a round-up of some to look out for in July 👇
👍 Introduction to Facebook for Business - July 3
💷 Finance and bookkeeping for your small business - July 4
🤳 Social media strategy for small businesses - July 6
🏪 Finding and keeping the right people for your business - July 12
💸 Cashflow management for your small business - July 14
🔒 Cyber Security for your small business - July 17
📊 BUSINESS
Get your business costs sorted 💷
Bionic - the business price comparison experts - compare a range of business essentials to help you save time, money, and hassle.
Our tech-enabled team will answer all your questions in simple terms, and help you find the best deal on business energy, insurance, phone, broadband, or finance. No jargon. No-fuss. #BeABionicBusiness 🦾
Giving Bionic a call was well (Ha)worth it for Bev 📳
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🎧 LISTEN
Playlist 🎶
LVS44 is a playlist of tracks played at La Violette Societa - a cooperative club night that showcases a diverse range of bands, solo artists, poets, and spoken word acts. This playlist is equally as eclectic and could well feature more artists you’ve never heard of than those that you have.
Podcast 🎙
While reading up on inflation, interest rates, and recession for this issue, it hit us how tricky a topic the economy really is, Macrodose is a podcast from James Meadway, director of the Progressive Economy Forum, that breaks down all things economics into bite-sized podcasts.
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🚫 STOP
Thanks for making it to the end of another Bionic small business bulletin 🤝🏻
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