How to survive a recession

With gloomy economic forecasts in the news, Swoop is your partner in ensuring your business has the funding it needs to ride out the storm.

Economists around the world agree that a global recession is on the cards. As we emerge from COVID-19 and face the new realities of Brexit, this downturn has come at a bad time.

At Swoop, we know that cash flow is the lifeblood of a business. Since Swoop was founded, we have been committed to helping businesses find funding for growth under difficult circumstances. Whatever is coming down the track towards us, our job has not changed.

This cost of living crisis information hub has been created to be your resource for funding through the coming downturn. As the situation develops, we’ll be providing insights and solutions here to meet the changing needs of SMEs in an uncertain economy.

The Swoop team will be adding to this page regularly over the coming months to ensure that you have the information you need to act in your business’s best interests.

What can my business do right now to protect cash flow?

There may be opportunities for you to switch to a better energy tariff, or other ways to protect cash flow – Get in touch to if there are savings to be made.

You should also ensure that you’re paying VAT at the correct rate. 

A message from Swoop Founder and CEO, Andrea Reynolds

8 steps to cutting costs

Turn off all non-essential equipment when the business is closed

Even when not in use, ‘vampire’ machines and devices such as computers, printers, and copiers, continue to burn energy in ‘sleep mode’. Turn off everything you can at the end of the business day.

Conduct an energy audit of your business

You can’t make savings if you don’t know what is using what or where the wastage is. An energy audit runs a fine-tooth comb over the business, revealing all the areas where savings can be made.

Maintain steady heat and A/C

Don’t fiddle with the heating and A/C controls. Constant adjustment wastes energy and costs money. Set a comfortable temperature and let the thermostat to the rest.

Keep heating and cooling vents clear

Warm and cool air needs to circulate to be effective. Obstructing the air flow from vents with furniture or other obstacles will make your heating and A/C less efficient and consume more energy.

Switch from electric to gas for heating

Even with the cost of installation, it may work out cheaper in the long run to heat your premises with natural gas than higher priced electricity.

Cool down for less

Air conditioning is costly to use, with the typical central A/C unit consuming 3500 watts per hour when running. Other cooling methods, such as desk and ceiling fans run for a tiny fraction of this energy cost. A/C systems also need clean air flow for best efficiency. Changing filters every six months can cut 5 to 15% off your air conditioning’s energy consumption.

Reduce hot water use

It costs money to heat water. Consider ways to lower the hot water use in your place of business. This means everything from leaky hot water taps to over-filled kettles and unnecessary vehicle cleaning.

Switch supplier

It may not reduce your business energy consumption, but it could lower the price you pay per unit. If you can switch supplier without incurring a penalty, shop around for the best quote available.

Want to understand how you can protect cash flow?

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