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Small Companies Have Increased Costs – So Where Are The Options To Save?

According to an article in small business costs have continued to rise during 2014 despite falling inflation. 

Energy costs are still the most commonly-seen increase, according to the latest Cost of Doing Business survey from the Forum of Private Business (FPB).  The study shows firms are still feeling the squeeze despite signs that the economic recovery continues to gather momentum.  Some 63 per cent of businesses have seen an overall increase in their business costs, with 70 per cent reporting an increase in energy costs, 65 per cent in transport costs, 76 per cent in marketing costs, and 65 per cent a rise in staff costs.  The report also identifies that 38 per cent of small business owners admit to being unable to pass any rising costs onto customers, forcing them to cut their own costs to keep prices static. Just 3 per cent are able to pass on costs in full.

One area small businesses can save money is of course to review their accounting costs.  With Cloud Based Accounting software and bundled accountancy services there has never been a better time to cut accountancy costs.  Find out more here.

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