Small business owners have shown how resilient, resourceful and committed they are despite the challenges that come with running a business.

New research shows that 90% percent[1] of business owners say they have experienced at least one particularly difficult period in the past five years, which meant they seriously considered giving up their businesses altogether. Cashflow issues and rising energy costs (both 27%) were cited as the top factors contributing to the challenges their businesses faced.

But to deal with financial pressures, owners say they adapted and took practical steps including diversifying their offering by introducing new products, services or sources of revenue (17%) and reducing their opening hours (14%). A fifth (18%) used their personal savings to support their business.

The research also shows that most small business owners prefer being their own boss, with almost 7 in 10 (69%) owners saying it is preferable to working for someone else, with 71% saying they intend to continue running their own businesses for the long-term.

They do, however, remain vigilant around their business’s finances and running costs, with 9 in 10 saying managing their businesses’ energy use and costs will be important to their business’s financial resilience over the next year.

When it comes to managing bills, the data provided by a smart meter can help business owners understand their energy use and identify where they may be able to find ways to reduce their energy bills.

A smart meter takes automatic readings of gas and electricity use and sends them directly the energy supplier. It means businesses no longer need to read a meter and send the figures, giving them more time to focus on other jobs.

Getting a smart meter installed also means the end of estimated bills. A smart meter records exactly how much energy is used so that customers can be billed accurately.

Arranging a smart meter installation is also quick and easy to do.

To find out more, please email offers@staffordshirechambers.co.uk