Many London businesses are facing potential financial disaster due to a lack of efficiency improvements and failure to eliminate process waste, which is critical amid rising input and wage costs. Azets, a top accountancy firm, flags inflation, termed the 'invisible tax', as a key concern, further exacerbated by rising national insurance contributions and minimum wage increases. With many companies already absorbing costs without making necessary adjustments, profitability is dwindling, with a worrying trend of neglecting operational enhancements leading to a downward trajectory in business health.
Too many businesses in London risk financial ruin by failing to improve efficiency and eliminate waste to combat rising costs of inputs and wages.
Profit erosion caused by inflation, termed the 'invisible tax', is a pressing issue that many local businesses are unaware of.
The increase in employer national insurance contributions and minimum wage poses further threats to profitability, affecting nearly a million employers in the UK.
Despite excellent services or goods, businesses neglect operational efficiency and price adjustments, leading to diminishing profitability amidst rising costs.
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