More than a third of entrepreneurs from small and medium-sized businesses – 39% – believe financial management is a necessity in the current environment. This is due to a survey by Delobank, the results of which were received by the editors of socialbites.ca.
“Our research has shown that entrepreneurs are more cautious when it comes to financial management. They consider all available options to maximize profits,” said Delobank director Irina Kuzmina.
According to the study, 31% of entrepreneurs tried to increase prices to consumers to increase margins in the current environment, but experienced a drop in sales.
“Consumers were not prepared to pay more for familiar goods. Therefore, companies are forced to look for other ways to protect or increase their profits,” he said.
To reduce transaction costs, 26% of respondents have compared purchase conditions at least once in the last three months and are generally ready to consider switching to another bank.
Among reviewers of banks’ offers, 69% of respondents said that their terms of service often do not take into account industry specifics. At the same time, the six business sectors most sensitive to service acquisition cost emerged: fast food, restaurants and cafes, medical services, travel agencies and tour operators, grocery stores and utilities, followed by survey results.
The bank conducted a survey among 1,000 representatives of small and medium enterprises in March-April 2023.