Four Out Of Ten Small Businesses Continue To Pass On Costs Their Customers
40% of UK SMEs plan to continue to raise consumer prices to combat inflation.
A November 2022 survey of 1,013 business owners revealed that 36% of small business owners aim to reduce energy consumption to lower running costs.
UMi's research indicates that 55% of SMEs feel less confident about the future compared previous years, with energy and utilities, staff costs, and fuel costs being their top concerns. 44% face cost increases of 11-25%, while a quarter expect rises of up to 50%.
Despite temporary relief on energy bills, last year, businesses anticipate further cost hikes and are considering alternative suppliers. Additionally, 20% have decided to scale back growth plans.
Sadly, although this survey done last year, the inflation still continues to be concerns for both businesses and consumers too!
This news story has been produced by Chesil Radio's News Team, for more information please visit: https://www.chesilradio.com