Britain’s small businesses see the increasing might of their larger competitors as the most significant challenge to their future, according to new research from Lloyds TSB Business and the SERT team at the Open University.
Almost half the nation’s small businesses (46 per cent) cited competition from national companies, including high street chains, as their most pressing concern.
Another issue that ranks highly on the list of concerns is tax. Thirty-eight per cent of firms said the rise in ‘local taxes’ such as business rates are leaving their mark on their business. In addition, 36 per cent shared a concern over the impact labour and skills shortages might have on the running of their businesses, while 33 per cent also said they were worred about the rising cost of labour.