Think a Business Rates review can’t make much difference to your bottom line? Think again.
When it comes to running a business, most decisions are based on what we can see and easily control: the amount of stock coming in versus the amount being sold, thereby minimising waste, maximising profits, and so on.
Too often, we don’t pay any attention to the ‘hidden’ costs that we just accepted when we were setting up as we’re just too busy with the day-to-day running of the operation. It sometimes seems easier to stick with your current internet provider than go to the time and effort of trying to save a few pounds a month, for example. And as for Business Rates, well, they’re set in stone and there’s nothing anyone can do about them now you’ve agreed the terms anyway, right?
Harris Lamb recently saved Buraq Retail a whopping £90,000 on its business rates.
Andrew Hulbert of our Rating team agreed the reduction in Rateable Values of our client, a major US food retailer, in Westfield shopping centre.
Andrew said: “There are so many facets to running a business that it’s inevitable that the majority of focus is placed on those aspects that are easily controllable when it comes to reducing outlay in increasing income – trialling new providers, recruiting more efficient staff, investing in more effective marketing, all with the ultimate end-plan that it’ll make the business more money.
“But by seeking expert advise on their current Business rates, businesses can find that they’re better off than they could have imagined.
“In this case, I agreed a reduction in the Rateable value of the retailer from £146,000 to £58,500 – leading to a total cash saving of over £90,000. That equates to an awful lot of cash flow and makes a massive difference to the business’ bottom line.
“We’re delighted to have been able to make such a difference to the client, and t’s proof that it’s always worth asking for a professional review; any savings that can be made are far better re-invested into improving other areas of a business than being needlessly spent on Business Rates!”