While consumers are being hit by rising costs of everything from groceries to household bills to fuel, businesses too are facing similar eye-watering rises in bills, rates and supplies and they are concerned that they are not seeing the same level of support.
A recent survey conducted by Barclays – the Barclays’ SME Barometer survey – found that three-quarters of small-medium size companies are worried about the long-term impact of the cost-of-living crisis, citing rising inflation and soaring energy bills as the biggest worries.
More than a quarter of those businesses surveyed fear they will be forced to increase their prices as a result of the crisis, making them less competitive, plus many have reported they are also struggling to hire new staff, which hinders their productiveness.
Cash handling experts Volumatic have been at the forefront of offering advice to businesses in recent years, joining forces with industry experts such as the Bank of England and Enryo to champion payment choice and the benefits of cash usage.
With the emergence of the cost-of-living crisis, Volumatic recognizes that many companies need help, and despite the mountain of challenges UK businesses are facing right now, there are a number of things that can be done to help ease the pressure.
Mike Severs, Sales and Marketing Director at Volumatic, said: “As experts in improving cash handling procedures, we can offer businesses in the retail, leisure and hospitality sectors an opportunity to save both time and money with our solutions, as well as improving the efficiency of how staff handle cash, replacing the huge amounts of time spent cashing up at the end of the day with more customer-focused activities.
“We are encouraging our retail customers to look at investing in technology as a way of reviewing their expenses. Investing in technology will give a huge return on investment and/or help cut costs and make certain processes more efficient is definitely worth considering. Technology such as cash handling solutions, CCTV and self-service checkouts can all lead to efficiencies and cost-savings.”
Volumatic offers a wide variety of intelligent solutions that are not only cost-effective in a short space of time but will also have a real impact on the way businesses operate. This will allow businesses to recoup some of the costs being swallowed by rising business rates and bigger bills and achieve the enhanced productivity they need.
“A low-cost option could be our range of money counters. Our CountEasy range can reduce cash counting time to mere minutes and means less cash handling, fewer mistakes, and less downtime. Or for those with the need to counter larger volumes of cash, our Friction Note Counters are perfect for the job – plus they can detect all known forgeries too, having passed the Bank of England’s framework for banknote machines,” he added.
Volumatic also offers an award-winning all-in-one solution in the form of the CounterCache intelligent (CCi), which serves as a secure storage device, cash counter and forgery detector in one discrete device, meaning staff only touch cash once until it reaches the bank. In addition, all cash data is instantly available to the staff or head office for reconciliation purposes.
While these solutions cannot slow down the rises in rates and energy bills that will hit companies at least until the end of this year, now is the time for companies to be thinking about investing in smarter cash handling solutions alongside other key efficiencies that could really make a difference to their business and help them survive this cost-of-living crisis.