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The phrase "affecting business" is correct and usable in written English.
It can be used when discussing factors, events, or actions that have an impact on business operations or performance.
Example: "The recent economic downturn is affecting business across various sectors, leading to layoffs and reduced consumer spending."
Alternatives: "impacting business" or "influencing business".
Exact(59)
It is affecting business badly.
However, the immigration cap is affecting business.
How are gas prices affecting business?
How is the credit crunch affecting business these days?
RM: This is the only new policy affecting business.
But there were hints that the economy was affecting business.
But now the political situation is affecting business".
"The locals are in panic as well, and that's affecting business and work".
And when you spend that kind of money, you get into all kinds of activities affecting business.
Ms Wood also said the uncertainty over membership of the EU was already affecting business confidence in Wales.
Similar(1)
Michael Weedon, deputy chief executive of the British Independent Retailers Associationn - also neutral on the issue - says that he could foresee a different currency affecting business-to-business transactions between shops and manufacturers or wholesalers.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com