Ruth Bradford of Bristol-based The Little Black and White Book Project: “With each day that passes, my concern about inflation is growing as people simply aren’t spending. As a consumer I totally get it, it’s not pretty out there, but as a business owner it feels like I’m on borrowed time. All I can do is hope that the website traffic I am seeing does come back and convert at some point as people still seem to be largely browsing. It’s just so hard to predict anything right now and I can’t help feeling it’s just going to get worse.”
Jenny Blyth, owner of Storm In A Teacup Gifts: “The current level of inflation means people just don’t have spare cash to spend on things like gifts. Our sales have bottomed out, leaving a wake of stress and anxiety. This inflation is not just draining our pockets, it’s putting a high price on our mental health and that is something which is meant to be priceless. The Government needs to sit up and listen to our cries for help.”
Adam Bamford, CEO of Derby-based Colleague Box: “It’s a strange and complex time balancing the books of business and the frightening increase in household expenses. Having a business where both of the income earners rely on profits it’s an endless battle of increasing our product costs to ensure we take enough home each month just to cover the basics of living. When we created the business, we had the ambition of wealth building but we are now resigned to the lofty ambition of covering costs and ensuring our employees are paid each month. While business is currently very good, the costs going out the door are relentless and the increase in energy and National Insurance around the corner are another massive hurdle.”
Craig Bunting, owner of Derby-based coffee shop, Bear: “It’s hard to identify a cost that isn’t going up at the moment and, as a business owner, it’s a nightmare knowing when and how to act. It’s important to acknowledge the cost of living increases our customers are experiencing. This has to be taken into account when making business decisions. As a hospitality business owner, I believe the Government needs to do more for our sector, to support the jobs our industry creates and to protect against some of the incredible cost increases our businesses are seeing. VAT should remain at 12.5% and the business rates burden should be an immediate priority for hospitality, leisure and tourism going into the spring and summer.”
Mariona Bolohan, co-founder at translation agency, Lotuly: “We’re extremely worried about the impact of inflation on our business. If people and businesses have less disposable income or money, that translates very quickly into reduced sales. The cost of living is increasing enormously and that means we are being forced to take on work that doesn’t pay enough just so we can cover our backs. This is such a vicious circle and it’s hard to get out of it especially as a small business owner without any outside help. I’d definitely suggest the Government start working on capping the cost of certain types of basic foods and also bills. The price increases we are seeing are getting out of hand, with some people reporting over £2,000 for gas/electricity in their next bill. Living with someone vulnerable makes these increases even harder to cope with.”
