Small and medium-sized enterprises (SMEs) are finding new ways to adapt to the changing landscape according to Bibby Financial Services.
Edward Winterton, commercial director at Bibby Financial Services, says business owners and managers in the country are helping the UK avoid a descent into the economic quagmire by carefully implementing a number of “recession-busting tactics”.
“Business wisdom, strategic planning, cash flow protection and cost monitoring remain as imperative as ever,’ said Winterton. “But product innovation, investment in staff and new markets, as well as a willingness to take risks, are also key to commercial growth.”
Bibby Financial Services’ latest quarterly Business Factors Index, which tracks the performance and outlook of 4,000 business owners, revealed 32% of firms in the UK remain positive about the future.
According to the Index, 67% of businesses have moved to stave off the threat of the recession by introducing cost and overhead cutting programmes, with 55% opting to manage debt more rigorously. Meanwhile a quarter, 24%, have chosen to increase their prices.
38% of firms are experiencing an increase in new customers while 44% have seen lapsed customers returning, leading to 23% of firms enjoying a rise in customer orders.
Winterton added: “There’s no doubt this is a tough time for businesses in the UK. But companies which implement smart, robust commercial strategies, ensure the appropriate funding facilities are in place, demonstrate an ability to adapt to market conditions and remain positive, committed and brave are more likely to not only survive the recession but benefit from the upturn when it comes.”