More than 70 per cent of Yorkshire firms concerned about inflationary pressures on costs, survey reveals

Half of all businesses in the region are also worried about staff recruitment, expressing that they are either somewhat concerned or very concerned about this over the coming 12 months. Meanwhile, 44 per cent are concerned about cashflow and whether they will have enough to cover their outgoings.

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Across all 300 businesses that participated nationally in the survey, 49 per cent were also worried about the impact of the increase in the National Minimum Wage and National Living Wage. Almost 40 per cent of respondents suggested the new hourly rates would affect their business, with 11 per cent stating the impact would be ‘significant’.

The survey provides valuable insights into the challenges family and owner-managed businesses face and how they are being impacted. Running November to December 2023, 300 business owners shared their views about the impact of recruitment challenges, how they are adapting to the evolving digital world and how they plan to innovate and grow.

They also shared their concerns about the impact of external pressures and the issues that will impact business growth over the next three years.

Paul Dickson, Armstrong Watson’s chief executive and managing partner, said: “Our latest survey has revealed some critical insights into the current landscape of family owned, privately owned, and owner-managed businesses and how challenges over the past five years - the Covid-19 pandemic, labour shortages, supply chain disruptions, inflation and the cost-of-living crisis – have affected these businesses.

“These findings highlight the resilience, adaptability, and innovative spirit of family owned, privately owned, and owner-managed businesses and also areas in which they might need support.”