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Small business owners suffer from “sleepless nights” because of the costs.

Small business owners suffer from “sleepless nights” as nine out of ten say their profits are being hurt by rising material and energy costs

Small business owners suffer from “sleepless nights” as nine out of ten say profits are being hurt by rising material and energy costs.

Businesses said inflation was their biggest challenge, followed by the aftermath of Covid and recruiting and retaining staff.

Inflation hits small businesses hard because they are less able to pass on cost increases.

Concern: A survey by accounting firm Moore UK found that 93 per cent of small businesses are under “severe pressure” from rising costs

A survey by accounting firm Moore UK found that 93 per cent of small businesses are under “severe pressure” from rising costs.

Moore UK Chair Maureen Penfold said rising costs were “getting out of control”.

She said, “Many small business owners have sleepless nights over how to deal with the shock of rising costs.”

The survey also found that more than half of small and medium-sized businesses are struggling to hire staff.

A separate survey by auditing firm BDO found that more than half of companies see supply chain disruptions, energy costs or inflation as their biggest challenges.

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Small business owners suffer from “sleepless nights” because of the costs.

Source link Small business owners suffer from “sleepless nights” because of the costs.

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