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Hospitality business funding is being affected by rising costs, affecting companies day-to-day operations.
Over half of hospitality sector leaders have concerns about the state of the UK economy. Up to a tenth thought that business confidence is now worse than previous years.
The value of the pound has fallen since the Brexit vote. This has had a massive impact on the cost of importing goods. Hospitality business funding is being affected by the rocketing price of essential supplies. This means that small business owners are now faced with increased running costs.
One of the most worrying cost increases is that of food imports. Companies are seeing price increases of over 40% on essentials such as cheese and meat. They are faced with the difficult choice of trying to absorb the costs, or choosing to pass these onto their customers by raising prices.
Over the past three years, there has been a steady decline in business positivity in the hospitality sector. This year’s report found that there has now been a sharp reduction. In 2016, only 10% of business leaders anticipated future commercial issues. However, this year that number has jumped by over a third to 45%.
Your hospitality business has funding options available. A business cash advance is a flexible funding solution for hospitality companies. Hospitality business funding can help you overcome obstacles. It's a quick, simple and flexible way of funding a hospitality business. Repayments are made as a percentage of daily credit and debit card turnover.
Could our hospitality business funding be the perfect choice for you? To find out more about hospitality business funding, get in touch! Contact us on 0800 3777 402 or visit http://www.quickcapital.co.uk/contact-us/