According to the latest SME Index from Zurich UK Commercial, a staggering 80% of small businesses say their markets are now more competitive than they were in July and August last year. The two main reasons for this are new entrants (31%) and prices being forced down/price wars (19%).
Dave Smith, marketing and distribution manager, Zurich UK Commercial said: "This is an alarming finding and clearly shows that businesses are finding it difficult to operate. Indeed, last year, 40,532 were declared bankrupt and unless conditions improve this figure could increase this year."
