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Record Number Of Small Businesses Planning To Exit

A large number of small businesses faced closure throughout the end of 2017, due to the sluggish demand and rising operating costs batter the industry.

Record Number Of Small Businesses Planning To Exit

Federation of Small Businesses (FSB) published a survey according to which 14% of small businesses are now expecting to close or stop trading, with retailers among the least optimistic.

More than 75% reported rising operating costs over the first three quarters of 2017, while for the second time FSB’s confidence index dropped into negative territory in five years.

According to the survey report fall in profits are due to the inflation and wavering consumer demand which meant 41% of small businesses.

Nearly a third of companies expecting to continue their performance its downward trend in the next quarter.

“While the swift agreement of a transitional arrangement and an ambitious free trade agreement with the EU are absolutely critical, it’s spiralling costs, weak growth and flagging consumer demand at home that are front of mind for small firms day to day,” FSB chairman Mike Cherry said.

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