Read more: Visit websiteA survey of 500 small UK businesses revealed a worrying 88% claim they are doing 'all they can' to reduce overhead costs, but a significant 69% still fret their business may be forced to close.
As many as 49% attribute this to the relentless increase in material costs, while 19% blame hidden fees charged by banks.
Small British businesses estimate they are shelling out more than £3,700 every year in concealed charges or fees levied by financial institutions for international transactions, which could equate to three months worth of business rent in major UK cities.
There's a chance that figure could rise, as 15% of businesses have ambitions to expand internationally. In an effort to shield customers from further price hikes, 35% are attempting to negotiate better rates with suppliers and 31% are cutting back on energy use.
Despite these efforts, a disheartening 56% have had to implement redundancies, with a massive 84% of those saying it was their 'last resort'.
The research was commissioned by Wise, which is spearheading its End the Opt Out campaign to change legislation so small businesses have transparency on fees they are charged for international transactions. According to the firm's research, this amounts to a whopping £2.8bn per year.
Arun Tharmarajah, director of European payments at the international money app for consumers and businesses, has spoken out about the tough decisions business owners are having to make in these challenging times.
⁘Small businesses don't want to pass rising and unexpected costs onto their customers, given the pressure people's pockets already face this winter. This leaves many businesses in a tricky position,⁘ he said.
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