16/10/2024
Inflation is at 1.7% for September!
Today's headline in the news, what does this mean for you and your business? Prices have still risen in September but at a slower growth than previous months. Lets consider this in real terms, prices have risen by 30% in the last 2 years and are still climbing.
The budget is planned for 30th October and with increases planned to minimum wage between £11.82 to £12.39 (suggested by ONS) we are set for further inflationary rises. If rumours are true added to this employer costs for National Insurance and increase in sick pay, our costs are set to rise.
Now is the time to start looking at your pricing strategy within your business, whilst you may want to wait for confirmation of the tax law changes giving thought to your prices for services and products for next year will need careful planning.
Some of you may decide to absorb the additional costs but as a business this impacts your bottom line and how much profit you make, and in turn as a business owner how much you take home. Valuing your service and what you do is important. Let's face it we are in business to make money!?
If you need help in planning your prices or monitoring your business costs through your management accounts please get in touch as we will be happy to assist in advising the best way forward for you and your business.
Planning for the future is an important step to your business sustainability!
