The Small Firms Association 2003 National Survey of Business Problems published today, shows that insurance remains business enemy number one, while energy, commercial rates and the minimum wage are new entrants in 2003. Some 83% of companies say insurance costs are their biggest threat while 68% say wages are unsustainable.
The survey highlights the 12 most negative factors impacting on the ability of small business to invest, develop, expand and create new jobs.
This is the second time the association carried out the survey and the results again show that insurance and labour costs remain the two most significant issues affecting small business at a micro level, with 19% of respondents citing insurance costs as their biggest difficulty and 12.2% of respondents citing labour costs as the most significant problem for business confidence.
Inflation is also seen as a threat, and is the biggest emerging danger for the year, with 10.3% of respondents citing this as the most significant issue for their business. These are followed by new entrants of energy costs, commercial rates and the minimum wage.
