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London’s Small Businesses Bullish In Defying The Recession
16/07/2009
By Lea Pachta
As London's small businesses bear the brunt of the recession many are still looking to grow, according to Business Link's new Diverse Business Confidence Index (the Index). The first of its kind, the Index surveyed over 3,000 small businesses in London and found that 84 per cent are planning on expanding and growing their business over the coming year.
For the first time, the Index identifies variations in how the recession is affecting London's small businesses by sector, sub-region, business type and business ownership (gender, Black, Asian & Minority Ethnic (BAME), Deaf and disabled). Nearly two thirds of entrepreneurs surveyed said that the recession is still affecting their business with 39 per cent saying the recession has significantly impacted overall budgets and expenditure.
Patrick Elliott, chief executive of Business Link in London, said:
"This index gives an unparalleled insight into how London's small businesses are impacted by, and responding to, the recession.
"These results are an encouraging sign in these turbulent times - but they don't come as a surprise to us. We regularly survey our clients on how they're managing through the recession and we're seeing a clear trend emerge of a sector that is refusing to get bogged down in the doom and gloom.
"But what's telling from this Index is that this confidence is across the board - many entrepreneurs across regional, industry, and demographic groups are responding to the recession by aggressively seeking out new market opportunities," he said.
Maintaining and generating sales was identified as the single biggest challenge facing all businesses. However, three quarters of those surveyed remain optimistic about their business over the next twelve months. Of those who are planning to grow, most planned to drive this through diversifying their business... continued on page two >
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