A new study by Novuna Business Finance reveals that 84% of London small business owners feel barriers are hindering their growth, up from 77% last year. Market uncertainty is the most significant challenge, cited by 43% of respondents, reflecting the difficulty in planning amid economic fluctuations. Rising fixed costs have hit a three-year peak at 23%, increasing concerns due to the cost-of-living crisis. Although worries about hiring skilled labor have decreased, red tape has gained attention as a major obstacle for 23% of owners, indicating a shift in the barriers faced.
More than 84% of London-based small business owners identify barriers to growth, up from 77% last year, highlighting the ongoing struggle amid economic uncertainties.
The market uncertainty is deemed the largest hindrance to growth for these businesses, with 43% of owners citing it as a critical factor stifling their progress.
Rising fixed costs have emerged as a significant challenge, with the percentage of businesses reporting this issue increasing from 20% to 23%, marking a three-year high.
Despite a decline in concerns over hiring skilled labor, the perception of red tape as a barrier has increased to 23%, revealing changing business climate dynamics.
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