The costs of running a business
Apr 04, 2022
The Costs Of Running A Business
It doesn’t matter what business you operate, costs are increasing. With recent inflation (CPI index) at 5.9%, along with staff shortages, increase in wage rates, raw materials, freight, fuel, insurances, rent, rates and ongoing costs of compliance, all business owners need to take the time to PLAN. It is important that you fully understand these costs and the impact they will have on your bottom line. Prepare a budget so you can determine how you at the very least will maintain your profitability. For those in retail, service or trades, you need to look to save on costs where you can but quite simply "if you want to maintain your profitability" you will need to LIFT your prices. It is very likely your competitors will be doing the same.
At Malloch McClean, we have been assisting business owners to help them understand the true impact of rising costs and what areas they need to concentrate on to maintain a profitable business. If you need some help working though this please contact us.
So, what are we doing with our fees?
With a team of 60, Malloch McClean understands the importance of retaining and attracting team members. It is those experienced, highly efficient and passionate team members that allow us to provide the most cost-effective service to our clients. This means that we help you make more money, pay less tax and get ahead faster.
From 1st April 2022 our fees will be increasing. This is to help our business retain great team members and continue to deliver a high-quality service.