The news is currently dominated by discussions around the increase in the cost of living. Many people and businesses have been impacted in some way by the increases of everyday items, from groceries through to fuel. This is particularly true in business, where fuel costs have risen significantly, and consumers are becoming more discerning about where they spend their money.

Ultimately, businesses may need to adapt in order to address some of the challenges posed by the effect on both their staff and their customers, in order to thrive in the long term.

How can businesses use smarter working to help offset the effects of the cost of living increase?

One of the most obvious ways a business can adapt and save on costs is through providing a more flexible framework for their teams to work from home. Not only will this reduce the pressure on staff to burden the costs of travelling to and from their workplace, but it can also help reduce the costs to the business in reduction of travel expenses accrued by their team.

Smarter working methods such as a bespoke unified communication platform can ensure that businesses can continue to function effectively, irrelevant of where your people are based. Complete Voice & Data can guide you through the process of linking your key communication facets into a smart working hub, to help facilitate this new way of working.

Reducing costs in travel, fuel and additional expenses would also mean that you might not need to pass on the rise in costs on to your customers. To keep your prices at the same level, whilst some of your competitors may be looking to increase their prices, could put you at a significant competitive advantage.

Additionally, reducing the burden on staff of financing travel to and from the office will help to promote a happier, and ultimately more productive, workforce.

Another option to address the rise in the cost of living is to ensure that your business stands out from the competition and provides a seamless service. Effective connectivity, effective communication platforms and a supportive and proactive communications partner such as Complete Voice & Data will enable your business to provide first-class service to your customers, which may ultimately persuade them to continue to do business with you, even during more turbulent financial times.

The old adage that ‘only the strongest survive’ is particularly prevalent during economic dips and so it is important that your business is geared up to communicating effectively between your teams and with your customer base. Customers may be more discerning with their money and so any barriers placed between you and them are likely to see them spend elsewhere.

Additionally, once the cost of living crisis is over, your business will have placed itself in a strong position in comparison to competitors, ready to target a reinvigorated existing and potential customer base.

 What can you do next?

 Is your business currently working as smart as it can? Are you concerned about the rise in the cost of living and how it might affect your business? Please speak to Complete Voice & Data today to see how we could help your business to work smarter, and to provide you with a stronger base from which to move forward once the cost of living crisis is over.