Fuel hikes drive SMEs back to the drawing board

According to the RAC Fuel Watch data released today, petrol prices have reached their highest level since 2014 as a result of strengthening oil prices.

The average cost of a litre of unleaded petrol has gone up for the second month running rising from 120.66p to 121.11p, while diesel has gone up from 123.06p to 123.46p.

RAC fuel spokesman Simon Williams comments: “Unfortunately, the good times of lower cost fuel appear to be over and it’s probably now far more likely that we will see them going up as Opec’s oil production cuts are starting to have the desired effect of reducing the global oil glut and pushing the barrel price higher.”

Consumers and business owners alike will feel the impact of the petrol price hikes, with already overburdened SMEs, particularly those that offer transport or delivery services, needing to go back to the drawing board to review the costs in their business and consider ways to achieve increased efficiencies.

In order for businesses to survive and thrive, one must have accurate, reliable and timely financial information, whether that be profit or cash focused, or both, to accurately and effectively manage the company’s finances, turn adversity into opportunity and drive growth.

At Beavis Morgan, our SME business experts can help you identify your requirements and then design and implement a system that will provide all the information you need, within a cost effective and efficient framework.

Being able to understand and evaluate your business through real-time information on actual performance is critical and could mean the difference between survival and business failure.

To find out more about how we can assist you and your SME business, contact Steve Govey or your usual Beavis Morgan Partner.