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Entrepreneurs across the UK are currently dealing with the impact of inflation on their independent businesses. Last month, the Consumer Price Index rose to 2.7%, the highest it’s been in over three years.
Small businesses are now faced with higher day-to-day running costs, as the impact of inflation has raised supplier prices. Entrepreneurs are wary of raising their prices to absorb this cost, for fear of losing sales.
This isn’t the first time in 2017 that small business owners have experienced rising prices. The National Living Wage increased last month, and many entrepreneurs are concerned about the weakened value of the pound.
Mike Cherry, National Chairman at the Federation of Small Businesses, said:
“The number of small firms reporting an increase in operating costs is at its highest since 2013. That means it’s harder for them to invest, expand and create jobs. If costs continue to rise, it will undoubtedly have an impact on growth across the country.”
If the impact of inflation on your business is holding you back from investing and growing your company; a cash advance could help. If you take card payments, you could be eligible for a lump sum of between £500 and £300,000 in as little as 72 hours.
The money can be used for anything your business needs. Many entrepreneurs use a business cash advance to:
If you’d like to find out more about how a cash advance could help your business, get in touch today. Our friendly advisors can be contacted on 0800 3777 402, or you can request a quote online.