By Travis Smith and Tia Rawlings
Grace Graham knows from personal experience how difficult the climate is for small business owners at the moment, as they are still reeling from the pandemic and also having to cope with high energy prices, poor mental health, and overall inflation.
People are worried and struggling, she told a panel discussing the cost-of-living crisis at London Metropolitan University yesterday. “It’s awful for us right now.”
Graham, 54, is the founder and director of Keep It Simple Training Company Ltd, which provides online CPD-certified courses and bespoke training and consultancy on diversity and business.
It has a particular focus on helping companies at different stages in the development of their anti-racism strategies or are on the path to achieve racial inclusivity.
Helping small businesses
Graham, who practices martial arts and Buddhism in her free time, studied business at Middlesex University and now also lectures on business development at New City College in Hackney.
Additionally, she keeps her hand in with the Federation of Small Businesses as the Diversity and Inclusion Policy Lead for London, which amounts to a large portion of her work.
She also works closely alongside London Assembly to raise issues that occur within small businesses and opt for change on their behalf.
Small businesses have been hit twice: first because of Brexit, and now because of rampant inflation. “Brexit has really affected businesses so so much… the payments we have to pay if we do business abroad. It’s costing, costing, costing…,” she said.
Small businesses are also struggling to pay back loans and get rid of staff due to increased rents and business rates. “It’s a double-edged sword” as landlords also are small business owners, she said.
She mentioned a brewery in Hackney that had to let staff go as they couldn’t afford paying them and paying rent. “They can’t make beer in their back garden,” she said.
Awards for her work
In May 2016 she was awarded a Haberdashers’ Company Entrepreneurs Award for the work she did with aspiring female leaders after she finished her masters at the University of East London as a partnership with Haberdashers’ Company Entrepreneurs.
Graham said, “I’ve seen around 20% of businesses have to close” in relation to the cost of living crisis.
“The joining fee is £177 for the first year, then its £147, but it really is worth it as you get access to a legal hub, FSB care and it is very cost efficient in the long run.
“Stock for businesses has definitely risen and some people can’t afford it and are therefore having to shut down completely.”
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