The Indirect Impact of the Cost of Living Crisis on SMEs

The current cost of living is impacting business owners in more ways than one. While many are struggling to keep up with the rising costs of daily operations, the indirect impacts are also weighing heavily; from declining customer demand to higher employee turnover, the ‘crisis’ (as the media loves to call it and a term that for the rest of this article I have tried to avoid. We could just say rising overheads, but it doesn’t catch the eye nearly as well!) is affecting businesses in a variety of ways. In this post, we’ll explore some of the most common impacts of these increased costs and what business owners can do to mitigate them.