Yrittäjägallup survey: Business owners raising prices and saving energy

The rise in energy costs has led to increased prices, energy saving and weaker profitability, the Yrittäjägallup survey shows.

“Business owners are reacting with the tools at their disposal: they are rising prices and saving energy and other expenses. In addition, many are investing in energy efficiency, particularly in industry, which is also actively seeking out new energy sources,” says Mikael Pentikäinen, CEO and President at Suomen Yrittäjät, says.

Most commonly, the rise in energy costs has led to increased prices (36%), energy saving (34%) and weaker profitability (31%), the Yrittäjägallup survey shows.

Almost one in three businesses reports weaker profitability. In industry, almost half say their profitability is declining.

“The exceptionally difficult situation on the energy market is reflected in businesses in many ways. It is important we increase the supply of electricity and ensure tax breaks for consumers do not line the pockets of energy companies but ease the lot of customers, including businesses. There must be a readiness to help businesses, too, if the situation becomes unreasonable,” Pentikäinen says.

One in five reducing travel

Almost one in five businesses (18%) is reducing travel, 16% are lowering room temperatures, 12% are investing in energy efficiency and 11% are reorganizing their use of premises. In industry, one in four is investing in energy efficiency.

Of the businesses who responded, 5% say they are cutting staff and moving to renewable energy, 6% say they are using more renewables, and 7% say they are changing their energy sources.

The Yrittäjägallup entrepreneur survey was carried out by research firm Kantar on behalf of Suomen Yrittäjät. The data were collected between 18 and 25 August 2022. A total of 1,011 small and medium-sized enterprises responded to the survey. The confidence interval for the overall results is ±3.1 percentage points.