The biggest threats facing small business owners over the next year include paying back Government COVID loans, lack of consumer spending, and hefty fuel price increases. A poll of 1,000 SME bosses found two thirds of those who have been running their business since before the pandemic admit the last two years have been the most challenging since they started their venture.
Nearly half of them (47 per cent) fear the next 12 months could prove even more difficult. Other obstacles identified include managing their own mental health and uncertainty over Anglo-international relations.
And three in five (62 per cent) small business owners have suffered from sleepless nights due to worrying about their business. More than one in 10 (12 per cent) think there is a strong possibility that they will go out of business within the next 12 months.
