Helping you bolster your business resilience
Released On 23rd Dec 2022
We were out speaking to thousands of our business customers during October and we heard that the impact of the rising cost of doing business is a concern for many of you. We wanted to let you know we're here to help you through these challenging times.
We know many businesses will be worried about the impact of consumer confidence and how it's changing their spending habits and increasing operating costs. Our dedicated business support hub has practical guides for coping with rising bills, business debts or financial difficulties.
Here are a few ideas customers have found helpful
1. Keep an eye on your cashflow. In difficult trading conditions, making daily updates to your cashflow forecast could help you get a firmer grasp on your cash position and make projections for the future. In our Business Health Hub there's support and tips available for helping with reducing outgoings and improving your business resilience. You can also track your income and outgoings in our app** and use our guides to help protect and improve your business' cashflow as well as managing your invoices and expenses through Freshbooks if you're already signed up.
2. If you're worried about debts, investigate your options. With rising interest rates, your existing borrowing might be weighing heavy on your mind and your finances. If you're worried your business is showing signs of financial difficulty, let us know as you may be able to refinance to reduce your monthly outgoings or you can speak to an independent agency to get free, confidential advice. If you have Bounce Back Loans, remember the government announced Pay as you Grow options to help businesses with more time and flexibility to pay back your loan. Use our Bounce Back Loan repayment calculator to see how much your payments will be, and the total amount you'll pay over the term - with or without Pay as you Grow options.
3. Take care of yourself and your staff. Providing guidance and support can help ease the cost of living concerns your workforce is facing. Visit our mental health support webpage for resources and impartial advice from independent specialist organisations.
4. Get extra support. If you're struggling with managing cashflow, trading abroad or funding growth, go to our Ways to do business webpage for information on how you can get more from your banking.
There's also further support available on our Business Health Pledge Hub which offers tips, guidance and tools.
Some other things to consider
Cost of living scams
Look out for scammers trying to take advantage of people's worries during the cost of living crisis. You may be approached and asked to receive money into your bank account or send money to other people, in return for a payment. This is a prime time for scammers to target businesses and could mean that you and your business are involved in money laundering, which is a serious crime. To find out more, visit our Protect your business from fraud webpage.
Get the support you need
If you need to contact us, please bear in mind we're helping lots of people right now, so it might take us longer than we'd like to speak to you. You can find practical guidance to help you look after your money in our business support hub.
Know Your Customer Information
If you've recently been contacted about updating the information we have about you and your businesses and want some extra support, please contact the dedicated KYC specialist team using the number we gave to you as they'll be in a better position to help you than colleagues in your local branch.
