The majority of the UK’s small and medium-sized enterprises are bullish about their prospects in ‘the worst recession in living memory’, with 54 per cent claiming
that they are confident their business will survive the downturn, according to new research.
The study, commissioned by specialist business insurer Hiscox, found the UK’s small businesses in confident mood, with 48 per cent having taken no additional measures to ride out the downturn. Even those that have been forced to take action have avoided any drastic measures.
Eighty-eight per cent have not enforced salary cuts, while 87 per cent have continued with bonus payments. Eighty-five per cent are still wining and dining clients and staff, making no cuts to entertainment budgets, and 82 per cent are continuing to spend the same amount as previously on office maintenance.
Unlike larger companies, the UK’s small businesses have also, for the most part, been able to avoid redundancies, with just nine per cent opting for layoffs.
However, despite this seemingly positive outlook, the majority of SMEs think
the recession will continue beyond 2009. Seven per cent believe that the economy will improve by the end of this year. Forty-five per cent don’t predict a recovery before September 2010, while 23 per cent believes Britain will be mired in recession until 2011 or beyond.
Alan Thomas, small business insurance expert at Hiscox UK, says: “SMEs are an integral part of the UK’s business landscape and an important indicator of the health of the national economy, so it’s good to see that many are so confident about their survival prospects and have avoided some of the more difficult measures such as salary
cuts and redundancies.”
The franchise business will contact you by means of email and/ or telephone only to the email address and phone number you have provided.
By submitting the enquiry form you are consenting to send your personal information to the selected franchise business.
You also agree to receive further newsletter email marketing from What Franchise.
Close
SMEs defy recession
Posted: 26 Jul 2017 | 2 minutes read
Exciting Franchise Opportunities
Start your own Blam Partners franchise
Yes
Find Out MoreAt least £8,000
Request Free Information
Send a free enquiry to Blam Partners for further information!
Start your own Just Shutters Business franchise
Yes
Find Out More£50,000 - £100,000 profit
Request Free Information
Send a free enquiry to Just Shutters Business for further information!
Start your own Radfield Home Care franchise
Yes
Find Out More£722,000
Request Free Information
Send a free enquiry to Radfield Home Care for further information!
Start your own Aspray Limited franchise
Yes
Find Out MoreN/A
Request Free Information
Send a free enquiry to Aspray Limited for further information!
Start your own Kitchen Makeovers franchise
Yes
Find Out More£74,030
Request Free Information
Send a free enquiry to Kitchen Makeovers for further information!
Companies to Consider
Get expert franchising news delivered straight to your inbox
Franchise news, advice and new opportunities delivered weekly.
Must Read Articles
-
Industry Analysis: The UK children’s services franchise sector in 2024
Added about 2 days ago | 2 min read
-
Why does Mail Boxes Ect. work as a franchise business?
Added about 7 days ago | 2 min read
-
Women in business: The advice any new franchisee should know
Added one week ago | 2 min read
Franchises by Minimum Investment
Find your next business opportunity
Search 100s of UK franchises and become your own boss today.
-
Under 10k
Starting a franchise doesn't have to be costly
Click here -
Under 20k
A mid-range investment for the more experienced
Click here -
Over 50k
If budget is not an issue, then don't miss these.
Click here -
Local Franchises
Find the perfect franchise in a location to suit you
Click here
What Franchise Newsletter
Keep up to date with all the industry news