The survey by O2 of 3,000 small firms found that while many companies are planning redundancies or downsizing their premises to cut costs, 20% expect to expand their business and nearly half plan to invest in new IT to become more efficient.
Although nearly 50% of SMEs surveyed said confidence was at a record low, 66% were determined to make it through the downturn and 7% of bosses said their firm was unaffected by the recession.
The report also revealed that financial issues have now replaced red tape and competition as the greatest cause for concern amongst the UK's small business community. Concerns over cash flow were cited as the greatest threat to survival, closely followed by a lack of support from the banking sector.
www.ukba.co.uk
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