Small firms adapting to downturn
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.
Free Resources
SMEs not monitoring their website
Just under half of UK companies have no method of measuring whether their website is effective or not, according to research released by web hosting firm Fasthosts.
The study found that the average business has had a website for three to four years but 43% have no method to measure how useful the site is in terms of generating sales or how well the site is performing.
77% of firms fail to measure any type of return on investment for their websites, and 34% admit that they have never considered checking the popularity or effectiveness of their website.
“In today’s difficult economic climate, the web has never been more relevant for every type of UK enterprise. However, a huge number of firms continue to invest blindly in a web presence without checking whether it is earning its keep. Irrespective of the scale of web project, every business will benefit from using simple statistics to monitor efficiencies and ensure that every visitor is being capitalised upon,” said Steve Holford of Fasthosts.
Free Resources
60% of Brits want to start own firm
Entrepreneurial spirit is alive and well in the UK despite the recession with two-thirds of the population having ambitions to start their own business, according to a survey by the Association of Chartered Certified Accountants (ACCA).
The survey suggests that 60% of Brits would like to be their own boss and that the entrepreneurial spirit is even stronger amongst 25-34 year olds, with three-quarters aspiring to one day run their own company.
The survey of 2,000 adults from across the UK also revealed that despite the trend for multi-nationals and larger enterprises, people still believe that small businesses have an important role to play in those communities. 96% of those surveyed believe that small businesses remain vital to their towns and cities.
“Small businesses are the lifeblood of the UK economy and it is wonderful to see that people have such a high regard for the role SMEs play within the community,” said Glenn Collins of ACCA.
Free Resources
FTSE 100 closes at one-year high
Some analysts believe the FTSE will rise further this week
The FTSE 100 has closed at its highest level for more than a year, boosted by stronger commodity prices and optimism about the US corporate earnings season.
London’s leading share index rose 48.3 points to 5,210.17 – its highest close since September 2008.
via BBC NEWS | Business | FTSE 100 closes at one-year high.
Free Resources
- Paul Green's 'Top Tweets' Daily is out! http://t.co/eppJSHeJ ▸ Top stories today via @Kirsty_Henshaw @simplybusiness @PaulSloane 14 hrs ago
- @paulgoodfellow5 Hi Paul - sounds interesting. What sort of help are you looking for? 1 day ago
- How do you get the positioning right for your business?: http://t.co/dccfNtYn 1 day ago
- The best attended networking group to date #NABONetworking http://t.co/9W6SpQEj 1 day ago
- I just became the mayor of Home on @foursquare! http://t.co/TPjSOvqS 2 days ago
- Waiting for train to start the journey home. (@ Bletchley Railway Station (BLY)) http://t.co/aT9iL5Oe 2 days ago
- Lunchtime :-) (@ The Barge Inn) http://t.co/19UyEoNS 2 days ago
- More updates...
