The Rising Costs of Running a Small Business and Reducing Outgoings with Self Storage
April 11, 2022
There’s something that companies from all over the UK are now facing, and that’s the rising costs of energy, rates, and tax. It’s not just household energy prices – inflation will hammer businesses from every industry. Unfortunately, it’s usually the smaller enterprises that feel it the most. But what options are available for companies that need to cut their running expenses?
At Matlock Storage, we’re here to see what solutions we can provide to help balance some of these upcoming price hikes. The only solution for some businesses will be to raise prices and pass them on to customers. Others might be able to limit the impact by utilising self storage and changing how they operate. We’ll look at the practical ways this can help SMEs and entrepreneurs in Derbyshire.
The Soaring Costs for Businesses in the UK –
The rise in inflation is a double blow for small business owners and solopreneurs. Not only will their home energy and food bills soar, but their businesses face steep hikes simultaneously. And there’s not a great deal of confidence the government have any plans to mitigate the effects. Realistically, the burden of these surges in costs devalues products and services. The British Chambers of Commerce state that 73% of business owners in their survey will raise prices, and some will cease trading altogether.
That’s why companies are preparing to raise their prices, even though many prefer to avoid it. After surviving the various lockdowns and economic uncertainty of the last two years, many hoped for better times. It’s times like this when we need to rethink and regroup as a matter of survival. And that’s why it’s time to see where savings are possible.
Resilience is the cornerstone of any business’s survival, and every company will need it in abundance as we advance. We can’t change the overarching issue of inflation and tax increases. But we can look at ways to reduce running costs while trying to refrain from making steep increases to our prices. Let’s look at how self storage can play a pivotal role in this battle.
Using Self Storage to Lower Monthly Overheads –
There are two primary ways SMEs and sole proprietors can benefit from using a business self storage service. It will require some changes to your process that might feel like a step backwards. But as we know, the rise in costs will likely do that anyway. Many business owners will attest to this from their experiences during the pandemic. We aren’t suggesting this works for everyone, but it might benefit companies that are able to downsize and reduce their outgoings.
Here are some reasons why self storage can help small businesses and start-ups:
- Reduce monthly rental outgoings.
- Provide affordable offsite storage.
- Flexible – store to suit your needs.
- No minimum storage contracts.
- Use a storage unit as dedicated workspace.
- Upgrade or downsize your storage unit if circumstances change.
- Partition storage a unit for stock, tools, and admin duties.
The first suggestion is to run a business from a self storage unit for stock retention and as a makeshift office. It’s a no-frills option that covers the basics, and this is something e-commerce traders and start-up enterprises do regularly. It’s highly cost-effective and flexible because you won’t have issues with stringent contracts or a rental lease to worry about.
The next choice is to downsize to smaller, more affordable premises and use self storage as your offsite storage setup. You can reduce rental outgoings significantly and have storage provisions. You’ll also remove issues with a lease, and there’s no minimum storage period when you store with Matlock. You use storage to suit your needs, not the other way around. And the final advantage? There are no business rates or additional fees.
Matlock Storage – Helping Businesses Reduce Costs in Derbyshire –
Running a business has many ups and downs and many struggles to make it over the precarious times. We know this from personal experience, and it’s something every business owner faces. That’s why we offer a range of affordable and flexible storage services; ones that can help your company or venture reduce outgoings.
Matlock Storage works with individuals and enterprises from every sector, giving us a wealth of experience when it comes to business storage. Everyone that works with us enjoys top-notch security, unbeatable onsite facilities and affordable prices. There’s a variety of storage size options at our disposal, making it possible to cater to any enterprise’s needs. And you’ll always find a member of our team ready to assist with unloading and packing duties.