Grow London Local
Posted: Fri 8th Dec 2023
Rising costs are a significant challenge for businesses across the capital. This guide brings together practical resources and support to help you adapt and navigate the rising cost of doing business.
Explore practical guides on the steps you can take to protect your business, avoid cash-flow problems and manage your finances:
Managing cash flow: Whether you sell goods or services, you need to make a profit. And you can't do that unless you manage your cash flow. Learn the best ways to do it.
Managing unpaid debts: Sadly, small businesses are often at the back of the queue when getting their invoices paid. Here are five things you can do to avoid late-payment problems.
Getting insurance cover for your business: Protect your hard work and ensure your long-term success by arranging cover. Here's a simple guide to all things business insurance.
Resources and support for businesses
Manage your energy use
South East London Community Energy (Selce) is a community energy group tackling climate change and fuel poverty across south-east London. It offers impartial advice services to help businesses navigate the transition to clean energy.
Small and medium-sized businesses can assess typical energy use and calculate emissions with the Carbon Trust's carbon footprint calculator. It also has a range of other online tools to help businesses reduce energy consumption and costs.
Ofgem provides advice on how to get help if your business can't afford its energy bills, as well as general energy advice.
Manage rising costs
Enterprise Nation's cost of doing business hub is there to help you find exactly what support you need, quickly and easily. Learn how to assess your outgoings, find invaluable support networks and get practical advice to tackle rising costs.
The Confederation of British Industry (CBI) has brought together a range of resources to help you tackle rising business costs. They cover four key areas: workforce costs, decarbonisation and energy costs, operational resilience and economic intelligence.
NatWest has advice and support to help navigate rising costs, including business costs, cash flow and help with financial difficulties.
Get loans and finance
The UK government's Recovery Loan Scheme, which originally launched in April 2021 to help businesses recovering from the pandemic, has been extended to 2024.
The scheme is currently open for small and medium-sized businesses to access loans and other kinds of finance to help aid recovery after the pandemic and transition period.
Good Business Pays has launched the Wait Off campaign to encourage larger businesses to pay their small suppliers as fast as possible to help them maintain their cash flow and combat the rising cost of doing business.
It's backed by the Small Business Commissioner and leaders from some of the UK's biggest business groups. Organisations of any size can back the campaign, and you can download a free digital pack to show your support.
Get debt advice and support
Business Debtline is a charity providing free and independent debt advice over the phone and online. It also provides a range of debt advice factsheets on topics such as business rates, business debts, managing business finances, dealing with creditors and debt solutions.
British Business Bank can direct you to sources of advice and guidance on managing business debt, from independent advisers, banks, HM Revenue & Customs, industry bodies and more.
If you can't pay your self-assessment tax bill in full, the Time to Pay service from HM Revenue & Customs may allow you to pay what you owe in instalments.
Sustainability and the transition to net zero
The Mayor's Business Climate Challenge (BCC) is an energy efficiency programme supporting businesses to reduce their energy consumption, accelerating building decarbonisation efforts in London. It provides free support to businesses on increasing energy efficiency in buildings, reducing energy costs and the pathway to zero carbon.
Offering practical support and consultancy, ReLondon helps businesses grow by translating circular principles into opportunities. You can discover how to reduce costs by bringing circularity into your business, validate your current strategy and grow your business and your networks.
Sustainable Ventures has partnered with the Mayor of London to provide businesses with four hours of free tailored support to help you with your net zero readiness strategy.
Help with the cost of living
Get support with energy bills
Energy Advice London delivered by Energy Saving Trust is a service for all Londoners who are worried about their energy bills or want to reduce their energy use.
Londoners on low incomes can access Warmer Homes Advice Service in their borough. The services can advise on available financial help, heating your home and any energy or water debt.
Support for households
The Mayor of London has launched a cost of living hub. It shares information about the support Londoners who are having financial difficulties can get from the Mayor of London, the government, local councils, charities and advice centres.
The UK government has also launched Help for Households, bringing together the available schemes to support households.
Grow London Local: Support for London's small businesses
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Disclaimer: The views expressed in this content is solely that of the author and does not necessarily reflect the view of Grow London Local. Grow London Local accepts no liability for any loss occasioned to any person acting or refraining from action as a result of any material in this publication. We recommend that you obtain professional advice before acting or refraining from action on any of the contents of the content.