Small business owners in the UK face several challenges. According to research from The Co-operative Bank, the biggest concern for small to medium-sized businesses (SMEs) in the UK is the looming economic impact of Brexit.
30% of SMEs list this as their biggest worry with 19% then concerned about the potential for their operating costs to increase. Another survey shows that small businesses listed finance and tech issues at the top of the list, followed by changes in society. Finances are a major challenge, with 63% of small business owners being “self-taught” about taxes and invoicing. When asked in more detail, pricing and cash flow came up as key worries in this area.
In addition to these concerns, nearly all small business owners (96%) admit to keeping the stress of running a business ‘bottled up’. Following 18 months of business uncertainty due to the pandemic, a survey commissioned by BACP looks at the mental health of small business owners.
According to another survey, nine in ten British small business owners are concerned about the impact of the cost-of-living crisis on their enterprise (92%), peaking for those businesses in retail (97%) and hospitality (98%). Rising third-party costs (73%), energy and rent price rises (63%), and customers reining in spending (58%) were the top concerns. Another survey shows that three-quarters of small- and medium-sized UK companies are worried about the long-term impact the cost of living crisis, soaring energy bills and rising inflation will have on their business.
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