One in three small businesses unaffected by recession

Six months after the Office for National Statistics (ONS) officially announced that the UK is in recession, a new report from Intuit, reveals how small businesses have been performing over the past 12 months.

The results of the research show that one in four small businesses felt no noticeable effect, and 35% had felt a negligible impact from the recession hitting the UK economy.

On the flip-side, one in twenty small businesses have been impacted so severely that their viability is in question.

Recession survival down to initiative and practical actions
Three quarters of small businesses put surviving the recession down to the strength of their own determination and initiative. Only 23% of respondents felt it had been easy to access external help and advice during the recession.

To survive the recession small business owners have used their initiative and adopted some sound business tactics. The most common initiative, used by 45% of respondents, has been to reduce overheads and tightly manage outgoings.

It may be a surprise to learn that the second most popular step, which nearly a third of small business owners took, was to introduce new products or services. This approach flies in the face of the common opinion that businesses should focus on their core operations during a downturn.

www.ukba.co.uk