What the cost of doing business crisis is doing to small firms

Nine out of ten small firms are reporting higher costs, with costs outstripping income over the last six months, as the cost of doing business crisis bites.

by | 27 Oct, 2022

One of the biggest increases in the cost of doing business has been in supplies and stock purchased, which has gone up by 21 per cent year on year.

Small businesses are also spending on average 37 per cent more on motor fuel since the beginning of 2022, according to digital SME bank Cashplus Bank.

At the same time, year-on-year the amount spent on air, rail and road transport costs has nearly doubled at 94 per cent.

And the amount of money small businesses spent on hotels and accommodation increased by 43 per cent, while restaurant bills inflated by 14 per cent.

Read more at City A.M.

More from Financial Accountant

How the UK’s rollback of banking regulations could risk another financial crisis

How the UK’s rollback of banking regulations could risk another financial crisis

Money laundering plays a key role in every part of the illegal drugs industry. Here’s how it works

Money laundering plays a key role in every part of the illegal drugs industry. Here’s how it works

‘I’ve never paid myself’: why the reality for female entrepreneurs doesn’t always match the rhetoric

‘I’ve never paid myself’: why the reality for female entrepreneurs doesn’t always match the rhetoric

Sustainability ideals are often crushed by corporate demands. Here’s how businesses can let them flourish

Sustainability ideals are often crushed by corporate demands. Here’s how businesses can let them flourish

‘I was left with nothing.’ Why apprentices are being pushed into the informal economy

‘I was left with nothing.’ Why apprentices are being pushed into the informal economy

In the struggle to get Britain working, the long shadow of austerity could be part of the problem

In the struggle to get Britain working, the long shadow of austerity could be part of the problem

Share This