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Outlook improving for SMEs
01/07/2009
New research has revealed that small businesses in the UK and Northern Ireland are slowly beginning to recover from the effects of the economic downturn.
The study by the Federation of Small Businesses (FSB) found 23 per cent of its members have had a rise in trade in recent months, which is an improvement on the figure of 16 per cent recorded in February.
It was also revealed that just one in four small and medium-sized enterprises (SMEs) regard finances as a concern, while 68 per cent of respondents intend to act on their confidence and grow within the next six months.
John Wright, national chairman of the FSB, said the figures showed how growing companies are becoming "cautiously optimistic".
He added: "Although we are certainly not out of the woods yet, many small firms are seeing increased footfall and finding it easier to obtain crucial finance in the winter months, when things were at their worst so far."
The release of the findings has come after the Confederation of British Industry revealed in a study that employers have made a number of changes to their operations, including the introduction of flexible working, due to the credit crunch.
Drew Nesbitt, a member of the Commercial department at Wilson Nesbitt solicitors, commented that "The stabilisation of the housing market will see businesses begin to grow with the return of customer confidence and increased lending on the back of secured personal guarantees."
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The study by the Federation of Small Businesses (FSB) found 23 per cent of its members have had a rise in trade in recent months, which is an improvement on the figure of 16 per cent recorded in February.
It was also revealed that just one in four small and medium-sized enterprises (SMEs) regard finances as a concern, while 68 per cent of respondents intend to act on their confidence and grow within the next six months.
John Wright, national chairman of the FSB, said the figures showed how growing companies are becoming "cautiously optimistic".
He added: "Although we are certainly not out of the woods yet, many small firms are seeing increased footfall and finding it easier to obtain crucial finance in the winter months, when things were at their worst so far."
The release of the findings has come after the Confederation of British Industry revealed in a study that employers have made a number of changes to their operations, including the introduction of flexible working, due to the credit crunch.
Drew Nesbitt, a member of the Commercial department at Wilson Nesbitt solicitors, commented that "The stabilisation of the housing market will see businesses begin to grow with the return of customer confidence and increased lending on the back of secured personal guarantees."
Contact us for legal advice
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