In a bid to decrease operating expenses amid the cost-of-living crisis, business consultant Alex Apawan Sy cautions entrepreneurs against laying off staff too quickly and instead encourages them to look at other costs that can be minimised, such as shopping around for lower insurance premiums and seeking rent assistance from their landlord.
Key Points
- According to the Australian Bureau of Statistics, food inflation increased by 3.3% in the twelve months to June 2026, highlighting the ongoing cost pressures faced by businesses
- Rather than laying off loyal employees, Sy suggests reviewing other overhead expenses first, such as insurance utilities, and rent, where savings may be possible. He also recommends rewarding loyal customers through referral discounts or gift vouchers to help drive repeat business and new referrals.
- Sy reminds entrepreneurs to prioritise their mental health and maintain a positive, growth – focused mindset during challenging times.
This podcast is for general information only. For specific financial advice, you should consider seeking independent business, legal, financial, taxation or other advice to check how the information here relates to your unique circumstances.
📢 Where to Catch SBS Filipino
🔊 On Air – Tune in to SBS Filipino on radio stations across Australia and website live stream, and TV Channel 302 from 10 AM to 11 AM AEST daily.
📲 Catch up episodes and stories – Visit sbs.com.au/filipino or stream on Spotify, Apple Podcasts, YouTube Podcasts, and SBS Audio app.
📣 Follow Us on Social Media – Stay updated by following us on Facebook, Instagram and YouTube.
Share
