The confirmed inflation rate rise this week is a concern for everyone, not least the nation’s 6 million small businesses. It adds to a set of new, complex challenges that entrepreneurs are dealing with, rather heroically, behind the scenes.
The price of goods, rising energy costs and product shortages are now the three biggest issues facing small business owners in the next six months, according to new data from Small Business Saturday and American Express this week. This is happening while government support is ending. There is a need to respond to the economy’s structural changes, as the long-term impact of the seismic shocks over recent years reveals itself.
With all this at the forefront, it is incredibly encouraging that the research also showed that entrepreneurs are feeling significantly more confident than they were six months ago.
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