SMEs hit by rising costs
Oct 14 2008
Small businesses are being hit on both fronts by price increases and losing customers as the economic crisis bites, according to new research.
The annual report published by BT reveals that during the current downturn 57 per cent of small businesses are experiencing rising costs, with 51 per cent reporting lost customers.
Bill Murphy, managing director of BT Business, says: ‘More than ever, we need to ensure the right resources and structures are in place to support Britain’s small business "engine room" during these more challenging times.’
Financial stability was highlighted as a major concern for almost half in the survey, with nearly a quarter saying that increasing turnover was their main priority during the slowdown.
However, more than a fifth of the 3,000 SME respondents admitted they were failing to market themselves, with a fifth again claiming to have ‘gone it alone’ without having sought advice from any outside sources.
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