As profits slide, small business owners are expected to work longer hours in the next months

On average, business owners are working 51 hours per week, which is 3 hours higher than the last quarter. They are working longer hours and taking less time off in an attempt to improve profits.

Small business owners are also taking less time off work, as holidays are down from 21 to 20 days per year. Food and drink businesses took the least holidays - 17 days per year.

The cost of doing business has affected many, with 78% saying they have been impacted, up 3%. Those affected by rising costs and falling sales has increased by 4% in the last quarter, averaging at 41% of businesses.

Fashion, food and drink, and general retail sectors have been hit hardest by falling sales. These sectors said they had seen sales drop by more than 50%.

Despite all of this, the majority of these small business owners are still refusing to increase their prices - 61% said they had taken on the extra costs.

31 per cent also said they are not planning on increasing their number of staff during this time, up from 25% in June.

Catherine Erdley, runner of the Resilient Retail Club, said: "As consumer confidence is waning, product businesses and retailers are working harder than ever to give the best possible customer service to their customers as well as put even more effort than usual into getting their message out there. Many retail businesses are also in their peak selling period so many are burning the candle at both ends to meet seasonal demands, juggle unpredictable postal services and chase every sale where possible."

Article by Wales Online