A new report has confirmed what many small business owners have already experienced – that the cost of running a business in the UK is on the rise.
In its research released this week, the Forum of Private Business said that 95% of businesses have seen an overall increase in their business costs this year.
On top of this, 1 in 3 respondents said they were unable to pass these rising costs onto their own customers, meaning the business is losing out in order to keep prices static.
Energy is the main cause of the problem, with the price of oil rising as well as some well-publicised price hikes from energy providers recently. Rising transport, marketing and materials prices were also cited among the top causes for the price struggle.
The report explained that, due to inflation rates, prices have risen faster for small and medium-sized businesses than for the rest of UK society.
A staggering 81% of respondents indicated that changes in costs had been detrimental to their business. Have you noticed the rising cost of running your business? Leave us a comment to let us know your thoughts.
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