First there was Brexit, then Coronavirus and then a war in Europe. In recent times, has there ever been a period of greater financial uncertainty? Of course, there was the financial crash in 2008 but nothing as dramatic as what we have had to deal with over the last few years.
The good news is that it’s not all doom and gloom. The economy has recovered more than most experts were predicting at the height of the pandemic, An unfortunate by-product of this is high inflation which we are experiencing right now. Some are predicting that inflation will continue to rise and that it will be in double digits by the end of this year. Others are saying that a recession will follow.
The truth is that no one really knows what’s going to happen and therefore, the only thing we can do is prepare. Let’s look at the things that we can control and see if we can do something about it.
In this half-day course, you will learn everything you need to know about inflation including the causes of inflation, its effect on consumers and businesses, and we will look at practical solutions to help deal with inflation.
What you'll learn
• Lessons from the past: a brief look at historical trends and how this can be applied to what we are experiencing right now
• Predicting the future: is it possible and to what extent?
• What is happening here in the UK and around the world
• Understanding the political, economic and social factors that affect the level of inflation
• What do the experts say and can we trust their opinion? (Economists, Bank of England, accounting bodies etc.)
• A closer look at the numbers to understand the likely effect of inflation on your business using a simulation tool to mimic real life events
• An overview of some of the more technical aspects of inflation including the Consumer Price Index (CPI) and The Phillips Curve
Practical strategies to help deal with inflation:
• How to set fair prices without upsetting customers at times where emotions are high and customers are more price sensitive
• 5 ways to manage cash flow effectively enabling the business to borrow less and save more
• Explore additional benefits of better cash flow management including lower financial risk and reducing the stress on the business so that it can continue to grow and flourish even in hard times
• How to save money by eliminating waste and running the company efficiently
• Understand cost reduction in the right areas without compromising key elements of the business