The latest figures from the Office for National Statistics suggest that conditions remain challenging for many UK businesses.

In July 2026, 15% of trading businesses reported an increase in turnover compared with the previous month. However, 22% reported that turnover had fallen.

Economic uncertainty remains an important concern, while businesses employing ten or more people were particularly likely to identify labour costs as a challenge. Energy costs are also moving back up the agenda, with 61% of businesses expressing some degree of concern about energy prices in early August.

These national figures are interesting, but the more useful question is how your own business compares.

Has turnover increased during the past year? More importantly, has profit kept pace?

Are higher wages, energy bills and other costs gradually reducing your margins?

And if costs are increasing, have your selling prices been reviewed recently?

It is easy to become accustomed to gradual changes in business performance. A small reduction in margin or steady increase in overheads may not appear significant from month to month, but the cumulative effect can be considerable.

Which makes this a good time to review your latest management figures and compare them with the same period last year.

Look particularly at turnover, gross profit margin, payroll costs and overheads.

If something has changed significantly, understanding why it has changed is the first step towards deciding what to do about it.