London’s small business leaders have come together to share insights and recommendations on how to tackle the cost-of-living crisis, as inflation and interest rates rose again last week.
A series of four top tips has been issued following the roundtable hosted by Small Business Britain and the Amazon Small Business Accelerator. Organised in the wake of the Spring Budget, the event aimed to help entrepreneurs from across the capital to pool insights on how to deal with the mounting economic challenges.
“It isn’t easy for small businesses at the moment – they are facing challenges from all angles due to the cost-of-living crisis, and this comes on the back of an extremely tough period in the pandemic,” said Michelle Ovens CBE, founder of Small Business Britain. “It is important that small businesses get support to navigate this tricky path ahead, and we are delighted to be teaming up with Amazon to explore the challenges of the cost-of-living crisis and look at ways we can offer more support.”
Business owners from across the capital discussed themes from building resilience and overcoming financial challenges, to boosting confidence and opportunities, as well as managing costs and productivity. The event concluded with four top tips for managing cash-flow being shared by some of the business leaders present, including:
- Don’t overstretch yourself –“Whatever your stage of growth, keep a really close, prudent eye on your resources, just like a start-up. This will ensure you are well prepared for any negative headwinds,” said Matt Dyson, Co-Founder of the baby sleep tech company behind the Rockit Rocker.
- Stay close to your numbers –“Make sure you go over your margins for each product or service you offer, and check and review your prices to make sure they are competitive and you are not being left behind in shifting-up,” said Catherine Erdly, Founder of The Resilient Retail Club.
- Continue to pivot –“One of the strengths of the UK’s small business community is our flexibility, so it is important to stay agile and move quickly to find new revenue streams,”said Steph Douglas, owner of gifting company,Don’t Buy Her Flowers.
- Reach out to a support network – “Seek out support from all directions – mentors, business organisations and groups, other entrepreneurs, bigger businesses and the government at a local and national level. There is so much help and advice out there for small businesses to access, much of it free, and it can make a massive difference,” said Michelle Ovens CBE, Founder, Small Business Britain.
Duaa Basheer, Head of Small Business Empowerment at Amazon in the UK, said: “We have more than 85,000 small and medium-sized businesses based in the UK selling on Amazon. We help them grow their businesses by reaching millions of customers online around the world, and we support them with leading-edge ecommerce tools and services. But lots of these companies were telling us they need more help right now to navigate the cost-focused challenges ahead. These Small Business Britain and Amazon events gather some immensely valuable insights that we are excited about exploring through future programmes and policy ideas to support small businesses in the current environment.”
Amazon and Small Business Britain are offering free business mentoring to 50 entrepreneurs, providing one-on-one support tailored to individual business owners. A series of short videos and webinars will also be available to share helpful advice and practical tips on a range of relevant key topics.