SMBs are fretting about rising costs ahead of a difficult year

• UK SMBs are worried about rising costs, survey finds
• Cash flow challenges and global economic issues are also a concern
• Having more insight and control can be key, Intuit QuickBooks says

Small businesses are becoming increasingly worried that rising costs will lead to unwelcome pressure as they look to grow and prosper.

New research from accounting software giant Intuit QuickBooks claims over half (57%) of UK SMBs are predicting rising costs in coming months.

Of these, nearly two-thirds (64%) said they are concerned about the effect these increases will have on their business, with nearly half (47%) reporting cash flow challenges.

SMB worries

The data, contained in Intuit QuickBooks’ latest Quarterly Small Business Insights Survey, looks to highlight a number of challenges facing SMBs in the face of mounting financial and business pressure.

Just under half (42%) said they source from overseas, meaning they are more exposed to global cost pressures, and just over half (51%) say poor financial or resource management is holding their business back.

To help deal with the pressures, Intuit QuickBooks perhaps unsurprisingly recommends urgent adoption of smarter financial management processes. The findings highlight a stark need for better financial planning, and financial guidance to help businesses navigate ongoing headwinds.

“SMBs may not be able to control global markets, but they can control their finances and be better prepared for changes," noted Pauline Green, Head of International Compliance at Intuit.

"In the face of rising costs, supply chain pressures, and economic uncertainty, robust financial planning procedures play a vital role in helping businesses stay on the front foot.”

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