Small Business Week

As part of a wider analysis of the 2009 Business Pulse, we have analysed the differing experiences and opinions of a range of businesses by age of business. The business ages surveyed are:

• up to two years

• two to three years

• three to four years

• more than five years.

Business that have been around for more than five years say that they have been least affected by the recession. However, it's the youngest business, of up to two years old, which are most optimistic about the coming upturn. The youngest businesses also consider themselves to be best equipped to succeed now and in the coming upturn.

In order to get through the recession, a higher number of older businesses have reported that they have cut back on staff costs such as salary and training. 51 per cent of younger businesses, aged up to two years, also consider that keeping training and skills at the highest level is a great competitive advantage, with only 41 per cent of businesses aged three to four years saying this.

More younger businesses also consider that selling goods or services online is very important. They also value social networking much more highly.

Only 28 per cent of businesses aged up to two years say they have ready access to finance; 45 per cent of businesses aged more than five years said that they enjoyed this. 59 per cent of businesses aged over five years say they sourced finance from a bank as opposed to only 46 per cent of businesses aged under two years.