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09/11/2009
Recession 'survivable' for small businesses |
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Small businesses are largely managing to cope with the recession and there are many things they can do to ensure this continues, a study has found.
The Kingston University research discovered that nearly half of small and medium-sized enterprises (SMEs) have increased profitability in the recession, with only a fifth needing to use bank finance in their operations.
Such findings come in the wake of comments by the government's enterprise champion Lord Sugar last week, accusing young heads of SMEs of "moaning" about the issue of finance.
Those keen to find ways they can make their SMEs work better may wish to speak to business lawyers about how they might be able to save costs.
Responding to Lord Sugar's comments, chief executive of the Forum of Private Business Phil Orford disputed his arguments, saying that much older business owners who had experienced past recessions were also unhappy about the credit situation.
Written by Anna Norton
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