Partner Article

Small businesses rolling their sleeves up for Christmas

Small businesses across the UK are rolling up their sleeves in the lead up to Christmas, as they report a challenging trading environment.

Research from American Express and Costco shows that 65% of small businesses surveyed are working longer hours than they ever have before, with the most businesses reporting extended hours in East Anglia at 75%.

Close behind was the North East at 73%, and Yorkshire and Humberside at 69%.

Respondents also reported harsher trading conditions, as 69% said the cost of business is higher now than this time last year.

This was reported highest in Yorkshire and Humberside at 80%, followed by East Anglia at 79%.

Overall more than a third said they will be extending their opening hours even further to maximise business opportunities.

With just three weeks left until Christmas, stock management was highlighted as a key issue within the survey.

More than half of businesses suggested that paying for stock upfront is a key concern when it comes to cashflow.

Steve Pappas, Managing Director, Costco said: “We understand the challenges that small businesses are facing and that it’s important to strike the right balance between maintaining cashflow and investing in sufficient stock to make the most of the busy festive period.

“A significant proportion of small businesses say that using a credit card helps them manage business cash flow (85 per cent) and that’s why we have partnered with American Express to offer new support to our members.”

Many respondents pointed to maintaining financial flexibility as the key challenge for 2012.

Steve continued: “We run a tight operation that is focused on driving sales and delivering added value for our members.

“Our new partnership with American Express means we are giving small businesses across the country greater payment choices through the festive period and going into 2012.”

This was posted in Bdaily's Members' News section by Tom Keighley .