Over 70% of small businesses in the UK have developed creative solutions to strengthen their company during the recession, according to research commissioned by the Department for Business, Innovation and Skills.
The study shows that 77% of small companies have adapted their business to cope with the downturn with 26% adjusting working hours, 33% investing in additional staff training and rewards and 65% exploring new product areas.
Just under 50% of respondents that made changes to their business did so to take a pro-active approach to the challenging economic climate and 37% said it was so they were ready to capitalise on the economic upturn when it occurs.
"In the face of a global downturn small businesses have developed and applied practical changes to get the best out of their people and enhance their business," said Lord Young, Minister for Employment Relations.
www.ukba.co.uk
Showing posts with label recovery. Show all posts
Showing posts with label recovery. Show all posts
Saturday, 17 October 2009
Tuesday, 13 October 2009
America's economy is picking up, says Federal Reserve
The US Federal Reserve issued its most upbeat assessment of the American economy in 18 months last night, saying activity was picking up after the most severe recession since the 1930s.
The central bank kept official interest rates at rock-bottom levels, but signalled that its programme of quantitative easing will start to taper off, now that credit markets are returning to normal.
Read more: http://www.independent.co.uk/news/business/news/americas-economy-is-picking-up-says-federal-reserve-1792262.html
www.ukba.co.uk
The central bank kept official interest rates at rock-bottom levels, but signalled that its programme of quantitative easing will start to taper off, now that credit markets are returning to normal.
Read more: http://www.independent.co.uk/news/business/news/americas-economy-is-picking-up-says-federal-reserve-1792262.html
www.ukba.co.uk
Monday, 12 October 2009
Bank of England grows nervous about recovery
A leading Bank of England policy-maker yesterday poured fresh doubt on the strength and sustainability of a British economic recovery, and added to expectations that monetary policy would be kept extremely loose well into next year, even as evidence grows that the housing market is perking up.
Kate Barker, an external member of the Bank's Monetary Policy Committee for the past eight years, told an audience of business people in Wales that "monetary policy needs over the coming quarters to continue to be set in order to sustain confidence, and to support lending and borrowing".
Read more: http://www.independent.co.uk/news/business/news/bank-of-england-grows-nervous-about-recovery-1792261.html
www.ukba.co.uk
Kate Barker, an external member of the Bank's Monetary Policy Committee for the past eight years, told an audience of business people in Wales that "monetary policy needs over the coming quarters to continue to be set in order to sustain confidence, and to support lending and borrowing".
Read more: http://www.independent.co.uk/news/business/news/bank-of-england-grows-nervous-about-recovery-1792261.html
www.ukba.co.uk
Saturday, 19 September 2009
Recovery has started but economy still faces huge risks
The British Chambers of Commerce (BCC) has today published its September 2009 Economic Forecast. Despite a further downward revision in GDP expectations for this year, the BCC is more upbeat about economic growth in 2010, and has reduced its forecast for peak unemployment.
The main features of the BCC forecast are:
The UK will see a large GDP decline of 4.3% in 2009, followed by positive growth of 1.1% in 2010 and 1.9% in 2011. In June we predicted a 3.8% GDP fall for 2009 and a small 0.6% increase in 2010.
The current recession - recording peak to trough declines of 5.5% - is much worse than the recession of the early 1990s. However, it is less severe than the early 1980s recession, when GDP recorded cumulative falls of 6.0%.
Further big increases in unemployment are expected, but at a reduced pace. Unemployment is likely to rise from 2.43 million to a peak of just over 3 million, or 9.6% of the workforce, in mid-2010. In June we predicted unemployment would hit 3.2 million.
Public sector borrowing is forecast to total some 12.5% of GDP in 2009-10 and 2010-11. Public sector debt is set to rise to dangerous levels in the next few years, in excess of 80% of GDP.
The BCC believes that the MPC will use the full £175bn allocated to the Quantitative Easing (QE) programme. Another increase in the size of the programme, to at least £200 billion, will probably be needed to ensure that the economy does not falter.
Read more: http://www.britishchambers.org.uk/zones/policy/press-releases_1/recovery-has-started-but-economy-still-faces-huge-risks.html
www.ukba.co.uk
The main features of the BCC forecast are:
The UK will see a large GDP decline of 4.3% in 2009, followed by positive growth of 1.1% in 2010 and 1.9% in 2011. In June we predicted a 3.8% GDP fall for 2009 and a small 0.6% increase in 2010.
The current recession - recording peak to trough declines of 5.5% - is much worse than the recession of the early 1990s. However, it is less severe than the early 1980s recession, when GDP recorded cumulative falls of 6.0%.
Further big increases in unemployment are expected, but at a reduced pace. Unemployment is likely to rise from 2.43 million to a peak of just over 3 million, or 9.6% of the workforce, in mid-2010. In June we predicted unemployment would hit 3.2 million.
Public sector borrowing is forecast to total some 12.5% of GDP in 2009-10 and 2010-11. Public sector debt is set to rise to dangerous levels in the next few years, in excess of 80% of GDP.
The BCC believes that the MPC will use the full £175bn allocated to the Quantitative Easing (QE) programme. Another increase in the size of the programme, to at least £200 billion, will probably be needed to ensure that the economy does not falter.
Read more: http://www.britishchambers.org.uk/zones/policy/press-releases_1/recovery-has-started-but-economy-still-faces-huge-risks.html
www.ukba.co.uk
Sunday, 7 June 2009
The service sector is still in deep recession, but there are also some signs that sentiment is improving
The latest CBI Service Sector Survey also showed indications that the decline in business activity is starting to slow.
The quarterly research, conducted between 29 April and 13 May, covers 179 service-sector firms. They are divided into Business and Professional Services, such as accountancy, legal and marketing firms, and Consumer Services, including hotels, bars and restaurants, travel and leisure.
In Consumer Services, the volume of business fell over the past three months at the fastest rate since November 2001, but because prices rose, the fall in business values was less marked. In Business and Professional Services, values fell even faster than volumes due to record deflation in average selling prices.
However, in both sectors slower rates of decline in both values and volumes of business are expected in the next three months. If realised, the declines in activity would be the slowest since last summer.
Read more: click here
www.ukba.co.uk
The quarterly research, conducted between 29 April and 13 May, covers 179 service-sector firms. They are divided into Business and Professional Services, such as accountancy, legal and marketing firms, and Consumer Services, including hotels, bars and restaurants, travel and leisure.
In Consumer Services, the volume of business fell over the past three months at the fastest rate since November 2001, but because prices rose, the fall in business values was less marked. In Business and Professional Services, values fell even faster than volumes due to record deflation in average selling prices.
However, in both sectors slower rates of decline in both values and volumes of business are expected in the next three months. If realised, the declines in activity would be the slowest since last summer.
Read more: click here
www.ukba.co.uk
Saturday, 11 April 2009
Over 850 small businesses that failed in Q4/08 could have stayed afloat if they had sought expert advice
According to research by Tenon Recovery.
The research found that approximately one in eight small companies fail to carry out any business forecasting and one in three only carry out forecasting once a year.
It is estimated that a business has an average of 33 weeks to determine whether a series of turnaround initiatives will be enough to save the firm if entrepreneurs spot the warning signs early enough and act upon them.
"Identifying any potential issues for a business early enough can mean the difference between a turnaround, restructuring or insolvency. It is a case of a stitch in time can save an entrepreneur's dreams from unravelling," said Carl Jackson, national head of Tenon Recovery.
"Now is the time to take a proactive approach and do everything possible to protect a business. Without regular business health checks and forecasting many more entrepreneurs will find themselves adding to the insolvency statistics."
Make sure you have a business plan in place - click here for a free template.
www.ukba.co.uk
The research found that approximately one in eight small companies fail to carry out any business forecasting and one in three only carry out forecasting once a year.
It is estimated that a business has an average of 33 weeks to determine whether a series of turnaround initiatives will be enough to save the firm if entrepreneurs spot the warning signs early enough and act upon them.
"Identifying any potential issues for a business early enough can mean the difference between a turnaround, restructuring or insolvency. It is a case of a stitch in time can save an entrepreneur's dreams from unravelling," said Carl Jackson, national head of Tenon Recovery.
"Now is the time to take a proactive approach and do everything possible to protect a business. Without regular business health checks and forecasting many more entrepreneurs will find themselves adding to the insolvency statistics."
Make sure you have a business plan in place - click here for a free template.
www.ukba.co.uk
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