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Study suggests cost of business rising ahead of inflation

 

The Forum for Private Business (FPB) has released research showing that small business costs rose 3.1% last, despite falling inflation rates.

 

Results from the FPB’s Cost of Doing Business survey show that 63% of businesses have seen an increase in their running costs. Additionally, 70% of respondents found their energy costs had increased along with marketing, staffing and transport costs.

 

Only 38% of small business owners said they felt unable to pass these costs onto their customers, with 3% able to pass their costs on in full.

 

Chief Executive of the FPB, Phil Orford MBE, said: ‘This is a timely reminder that despite all the talk of a need for above-inflation wage rises businesses continue to feel the strain of rising costs. With the auto enrolment of staff into pension schemes just around the corner, the affordability of significant wage rises coupled with increased pension contributions will be called into doubt’.