A survey by Azets, a UK accountancy firm, indicates that higher labor costs significantly impact businesses, especially SMEs in Dorset. Out of over 1,700 business leaders surveyed, 40% reported rising labor expenses, leading many firms to freeze hiring. Economic and geopolitical uncertainties are primary concerns for 67% and 54% of respondents, respectively, along with reduced profit margins (33%) and cash flow pressures (32%). Azets’ CEO, Peter Gallanagh, emphasized the need for decisive leadership during tough times to enhance resilience. Azets is prepared to support local businesses facing these economic challenges.
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