Is your small business ready for the fuel price hike in April?

  • 📰 IOL
  • ⏱ Reading Time:
  • 75 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 33%
  • Publisher: 51%

Ireland News News

OPINION: Fuel is one of the most significant input costs, directly or indirectly affecting the price of nearly every other service. Here are 7 ways small businesses can counter fuel price increases. busrep petrolprice

The Automobile Association predicts the price of petrol will rise by as much as R1.16 a litre and diesel by 92 cents a litre in April as fuel levy increases kick in.

This piles even more pressure on small businesses in South Africa, many of which are already struggling due to load shedding, slow economic growth, and the lingering effects of the virus. Fuel is one of the most significant input costs, directly or indirectly affecting the price of nearly every other service. If you deliver or collect goods or transport people as a core part of your business, you feel each rise in the fuel price as soon as it takes effect. The fuel price also affects your business by causing your suppliers’ prices to climb, eroding your customers’ disposable income and hiking your team’s living expenses.

Smart thinking about fuel efficiency can help you contain costs, while achieving other goals such as reducing carbon emissions and improving overall business efficiencies.Adjust delivery and travel schedules to avoid traffic peak times.Combine deliveries and errands into one trip. You’ll deliver more products, faster.Covid-19 has proven that most meetings can be hosted on Zoom and Microsoft Teams.

Bonus: You’ll save on vehicle maintenance costs and insurance. If outsourcing is not an option, negotiate better rates with suppliers.Dirty air filters, under-inflated and misaligned tyres, and irregularly serviced engines contribute to vehicle wear-and-tear and, therefore, higher fuel consumption. Maintained vehicles are also safer.Fast acceleration, driving in low gears, heavy breaking, speeding and revving all increase fuel consumption.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 46. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines