Copy of Rising Costs in 2024: How to Stay Ahead and Prepare for 2025!

My Halloween Traditions & Business Insights

October is here, and that means Halloween—my favorite time of year!

I love handing out candy while grilling, watching sports, and hanging out with the neighbors. (don’t tell my nutritionist I sneak a few pieces for myself ??).

But while Halloween’s fun, the real challenge for businesses is managing rising costs. This year, I’m swapping out the candy for insights to help you tackle increasing expenses and set yourself up for a more profitable 2025 and beyond.

Let’s dive into strategies that will help you stay ahead of the curve!

Cost Rise Update – How Inflation is Eating Into Your Bottom Line

While I love a good candy stash, the real 'trick' this season is tackling the rising costs every business is facing. Why?

Inflation is still lurking, and in September 2024, CNBC reported a 0.4% increase in the Consumer Price Index (CPI), driven by rising shelter and gasoline costs. Businesses, particularly in logistics and real estate, are feeling the strain of these higher operating expenses.

On top of that, Reuters highlighted that while producer prices remained unchanged, healthcare and insurance services are quietly rising. These factors require businesses to closely monitor their budgets and spending in real-time.

Inflation doesn’t hit just one area—it seeps into everything from fuel costs for delivery trucks to office rents.

If you're feeling the squeeze, you're not alone.

Rising costs are affecting everyone, but with the right strategy, you can reduce the impact.

Businesses need to remain vigilant, continuously adjusting their financial outlook to stay ahead.

For more details, check out CNBC’s full report here and Reuters’ summary on producer prices here.

Tips for Combating Rising Costs – Smart Strategies for Staying Lean

As Halloween approaches, businesses are facing a real fright: rising costs.

Just like preparing for trick-or-treaters requires planning, managing costs before 2025 demands smart strategies.

Here’s how you can stay lean and competitive:

• Conduct Expense Audits: Just like sorting through your Halloween candy, going through your contracts can reveal some surprises. Experts like Ben Stradtmann with Schooley Mitchell typically save businesses an average of 28% by identifying outdated pricing and hidden fees in contracts, for essential services businesses must have to operate daily.
• Automate Routine Tasks: Automating tasks such as payroll, scheduling, and invoicing helps reduce labor costs. It’s like setting up a self-serve candy bowl—less effort, but the job still gets done! Automation allows your team to focus on growth areas, saving both time and money.
• Outsource Strategically: Outsourcing tasks like expense audits allows specialists to negotiate better rates, saving both time and resources. Schooley Mitchell offers a No Savings, No Cost model, ensuring you only pay when savings are achieved.

Auditing your expenses, automating tasks, and outsourcing key functions will ensure your business is ready to thrive in 2025.

By applying these smart strategies, your business will be in a strong position to handle whatever comes in 2025.

Speaking of the new year, let's explore how you can budget smartly and stay ahead of rising costs.

Preparing for 2025 – Smart Budgeting

As businesses prepare for 2025, it’s essential to budget smartly to navigate rising costs in key areas. Kiplinger predicts a significant rise in payroll and health insurance costs—up by 8%—along with increased technology expenses High Ground Jiu Jitsu

Here are actionable steps your business can take to stay competitive and efficient:

• Invest in Technology According to Kiplinger, technology costs, especially for AI-driven tools, are expected to rise by 10%-15%. However, investing in automation now can help reduce long-term labor costs, streamline operations, and improve productivity
• Plan for Rising Energy Prices While gasoline and diesel prices are projected to stabilize, electricity costs for commercial users are expected to increase by 2%-4%. To combat these rising expenses, consider energy-efficient upgrades and alternative energy solutions
• Prepare for Payroll and Benefits Increases Payroll is forecasted to increase by 3.3%, with health insurance premiums seeing an 8% hike. To attract and retain top talent, businesses will need to balance competitive pay with rising benefits costs. Plan your 2025 budget to account for these increases

By taking these proactive steps, your business will be well-positioned to manage rising costs and thrive in 2025.

For more detailed budgeting insights, read the full Kiplinger report here

Shoutout to Our Sponsor (And guest writer): Rescue Revenue – Saving You Time and Money

Rescue Revenue LLC helps businesses save time by finding the experts you need, so you don’t have to spend hours researching, vetting, or networking.

They take care of the process for you, and with their No Results, No Cost model, you only pay if they deliver RESULTS.

For more details, visit their website here.

Business Shoutout: Talisman – Simplifying Subscription Management

Managing recurring expenses, like software subscriptions, can become overwhelming.

Talisman streamlines this by providing businesses with a centralized platform to track, manage, and optimize these costs.

Their real-time dashboard offers visibility into all subscriptions, trends, and renewal deadlines, helping companies avoid overcharges and control their spending.

With automated alerts and expense tracking, Talisman ensures that businesses stay on top of their recurring expenses without surprises.

Learn more about how Talisman can help your business here.

Meet the Experts – Elevating Your Business

As you gear up for 2025, these experts can provide the guidance you need to navigate rising costs, optimize strategies, and achieve growth.

Let’s meet the professionals who can help you prepare for success.

Michael Stier – Financial Growth Specialist Michael helps businesses optimize cash flow and develop actionable growth strategies. His focus on financial management and performance gives business owners the tools they need to reach the next level.

Marc Ames – Data-Driven Business Strategy Marc specializes in turning data into strategic business growth. With expertise in product development and finance, he helps companies streamline operations and improve profitability.

Todd Serulneck – CFO Solutions for Financial Clarity Todd partners with CEOs to provide financial strategies that solve business challenges, from cash flow management to economic risk. His hands-on approach ensures businesses thrive in any market.

Laura Ward – Audit and Assurance Expert With over 25 years of experience, Laura delivers top-tier audit and assurance services, ensuring businesses stay financially compliant and secure. She specializes in benefit plan audits and managing financial health.

Andrew Pickering – Comprehensive Business Advisory Andrew provides businesses with expert advisory services in tax, audit, and risk management. His work at Aprio helps companies grow and safeguard their financial future.

Wrapping Up: Setting Your Business Up for Success in 2025

As 2025 approaches, it’s critical to align your business with the right strategies and experts to stay competitive in an ever-evolving market. By taking proactive steps like optimizing cash flow, investing in technology, and preparing for rising costs, you’re laying the groundwork for sustainable growth.

With expert tips, services and a strategic approach, your business will not only survive 2025 but thrive.

Don’t forget, if you need further support, these professionals and services are here to help guide you toward success."