The cost-of-living crisis has impacted business owners just as much as homeowners. Rising energy prices, Brexit and the massive effects of the Covid-19 pandemic have all culminated in the perfect storm.
According to a 2022 study, 25% predicted that if prices continued to rise, their business wouldn't survive to see the next financial year.
Read on for more on the impact on businesses and how digital asset management could play its part to prevent costs from spiralling out of control.
Business owners are having to do everything they can to combat the cost-of-living crisis – from increasing their own hours and not taking a salary to asking friends and family for help.
According to one survey 12% of business owners say they are reducing contractor hours and 10% are having to lay staff off.
If it comes to the worst and your business has to close, you are not alone. Government figures in 2022 stated that in one month alone, almost 2,000 registered businesses in England and Wales went bust. This is a massive increase of 43% compared to the same month from 2021.
Insolvency firm, Begbies Traynor, states that the number of companies in critical financial distress increased by 36% in the last three months of 2022. As businesses repay covid loans and customer spending decreases, predictions for 2023 suggest this trend will continue.
The main worries for business owners are:
The main concern about the cost-of-living crisis is that no one knows how severe it will become or how long it will last. Businesses need to do everything they can to reduce expenditure, increase productivity and give themselves a chance of surviving difficult times.
Let's look at three ways digital asset management (DAM) could make a difference to your business's longevity.
You can increase productivity and save thousands by cutting down the amount of time spent searching for files on your network. A DAM system centralises all assets, so there is no reason to waste time trying to find a particular file or piece of content across different systems.
If your business allows for home working, you can also save money on energy bills, knowing that the DAM system is giving access to employees, no matter where they are based.
The centralised nature of DAM offers you an easy-to-use system that gives access to all employees who need it. This means that there can be clarity on your business goals and practices, as you can create and share this information easily with employees.
DAM helps you to retain professionalism in keeping information safe and communicating clearly with clients. The chance of losing a client's business is greatly reduced if everyone has access to the same information and it is stored in a centralised location.
In a time of crisis in business it is more likely that the sensitive information held can be compromised. It is quite normal practice for brand managers to have information placed over a few digital devices. This leaves the information vulnerable to exposure and unauthorised access.
DAM's security processes are proactive, meaning it has multiple built-in security features and authorisation protocols. This ensures that access is limited to the users with the right permissions.
Digital asset management is a must-have resource for your business – now more than ever. If you want a tool to cut costs and increase your productivity, then DAM is for you. Contact iBase's friendly, professional team to book a demo today.