Networker – Budgets are getting tighter

JULY 2022

Businesses and households alike are facing increasing financial pressures due to what appears to be the ever-increasing cost of just about everything. Budgets are being constantly re-written as people strive to keep their heads above water, as it appears that for many, achieving financial sustainability is an even greater challenge now than it has been throughout the pandemic.

Banks are dealing with rising numbers of requests for assistance from businesses who are struggling to make ends meet and unfortunately there is no sign of any respite in the foreseeable future.

The shortage of skilled or available candidates to fill vacant positions means that many businesses are operating below their maximum capacity, often adding to already significant financial pressures. Many are becoming more reliant upon those employees who are available to take on the extra load, but this simply isn’t appropriate or sustainable. Indeed, it is likely to cause even more problems in the long run, as these willing horses can only be flogged for so long before their health and wellbeing being to suffer.

We are all facing the challenge of record levels of inflation which is being fuelled by increasing food and fuel prices. When you also add increases in interest rates, power, water and rates bills, it is little wonder that many businesses and households are feeling the pinch.

I would ask you all to keep supporting our local businesses whenever your can so that, as far as is practical, we can help maintain the local economy in our communities, town centres and business districts.

Source: Networker Magazine

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Bernadette Robert

Bernadette Robert