Originally written by Stephanie Spicer on Small Business
Of all the business challenges facing small to medium sized businesses (SMEs) in the UK the looming economic impact of Brexit is the biggest concern they have at the moment. 30% of SMEs list this as their biggest worry with 19% then concerned about the potential for their operating costs to increase. This according to research from The Co-operative Bank.
SMEs were asked to consider their biggest concerns as regards business challenges across a range of business issues. Concerns over rising supplier costs was high up the list and as the table shows competition, red tape and regulation, knowing how to grow their business, late payments and staff issues were also key worries.
10 biggest concerns of SMEsPercentage of SMEs
Impact of Brexit upon the economy30%
Increase in operating costs19%
Competition17%
Red tape/regulation 14%
Increasing supplier costs14%
How to take my business to the next stage in its journey13%
Changing customer behaviour13%
Late payments13%
Access to funding11%
Recruitment/retaining talent10%
Donald Kerr, managing director of SME banking at The Co-operative Bank said: “It’s understandable that SMEs are concerned about the potential for rising costs, particularly when there remains so much uncertainty about the impact that an exit from European Union will have. Small businesses can prepare to adapt