Three quarters of small business owners 'have had to pass rising costs to customers'

Three quarters of small business owners have had to pass rising costs onto their customers, according to research.

A survey of 500 SMEs revealed 86 per cent are trying to minimise their overheads in an attempt to reduce further increases or keep their prices the same, amid escalating costs.

This includes carefully monitoring their energy bills (33 per cent), shopping around for cheaper suppliers (33 per cent) and putting a freeze on hiring staff (28 per cent).