Last Updated on: 22nd November 2023, 06:07 pm
Running a business is no easy feat, especially when you take into account the recent increases in the cost of living.
A recent survey has emphasised this, as almost 90 percent of owner-managed businesses have reported fears for what the future holds.
The research, which was organised by the Association of Practicing Accountants (APA) showed that 87% of owner-managed businesses are worried about the current levels of inflation.
Other worries include rising energy costs, Brexit, and issues around recruitment.
APA Chairman Martin Muirhead discussed these issues and added that businesses deserve more after the hardship of Covid.
He said:“Having navigated Brexit and the pandemic owner-managed businesses are now confronted with the double challenge of rising inflation and increased energy costs. Many of these businesses have done well to survive the last 2 years.
“Having looked forward to a period of economic stability post-Covid they are confronted with the opposite. It is imperative that the UK Government take a more realistic view of our future trading relations with Europe recognising that labour shortages coupled with an altogether more challenging export environment pose a real threat to recovery.”
The APA also expressed their worry that the UK could drift back to the days of sustained rampant inflation that blighted the 1980s.
Despite SMEs worries about inflation, rising energy costs and the state of the UK workforce, the research did show some reasons for positivity.
For instance, 81 percent of owner managed businesses reported that they are in better shape for the future than before the pandemic.
