A new study by Vodafone suggests owners of small businesses around the country are bracing themselves for a turbulent and uncertain year ahead with more than a quarter (28%) of small and medium size businesses admitting they won’t be hiring any new staff over the next 12 months due to the current cost of living crisis.
The research commissioned by Vodafone looking into the impact of the cost-of-living crisis on UK small businesses has found the rising cost of gas, electricity and fuel for business use is the greatest challenge for half of small business owners (53%), followed by staff pay rise demands (47%), spiralling transport and distribution costs (30%) and more expensive raw materials (28%). Nearly all, (98%), small businesses said good connectivity was crucial to their business yet more than a third (35%) admitted they have downgraded, cancelled or considered cutting their broadband service to save money.
In response, Vodafone will from today offer free business broadband for a year to help small businesses mitigate rising business costs and stay connected to customers. Available from 19th October to 24th November, this new support package offers Vodafone’s award-winning business grade broadband free for 12-months on a 24-month plan and is available to all small businesses as well as existing Vodafone Business customers who are eligible to upgrade.
