Many companies thriving in tough conditions
Wed, 11 Nov 2009
Many small businesses are continuing to do reasonably well despite the tough conditions affecting the sector, it has been claimed.
Thomas Parry, research manager at the Forum of Private Business (FSB), said that while some firms are struggling, others are making the most of the opportunities brought about by the downturn.
Small companies working in the creative industries have "enjoyed better fortunes than many" he suggested, with manufacturers and transport firms among those to suffer.
Mr Parry praised the innovative, hardworking and entrepreneurial characters of small business owners, pointing out how important their commitment has been to the survival of their enterprises.
He added: "The resilience and determination of small business owners is something we've been witness to – many of our members have used their own savings to keep their businesses trading, taken pay cuts to avoid making staff redundant and taken out desperately-needed loans by securing them on their own homes."
The ability of small firms to react quickly to opportunities has also helped many to continue trading during the recession, Mr Parry added.
Last week, Professor David Smallbone of Kingston University claimed that although limited resources render small firms "vulnerable to changes" in the business environment, they are able to exert an important influence over their own performance and survival.
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