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2009 Business Pulse: how equipped are SMEs to succeed in the current climate?
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We wanted to know how well equipped business think they are at this time to thrive, and how prepared they are for when things start to improve. We asked a number of questions, such as how they went about seeking advice, whether they have changed the way they work during the recession, if they were they using new telecoms, IT or other technology, how the technology was working out and how they are managing and finding finance.
48 per cent said that advice is essential to advancing their business, only 10 per cent said they don't need advice. 47 per cent of those who looked for advice took it from peers or other business owners and managers. 43 per cent said they used Government advisory services and 40 per cent said they use business organisations and chambers of commerce. Only 19 per cent said they took advice from their own employees.
61 per cent said that faster broadband speeds had had a positive impact on their business. 40 per cent said that better websites and ecommerce were benefiting them. Interestingly, 19 per cent said that social media, forums, Twitter, Facebook, etc, were having a positive effect; maybe only as little as year ago this factor would probably not have registered at all.
In terms of finance, 79 per cent of the sample said that it had not secured any external financing. Of those that had managed this, 55 per cent said that it had come from banks; 14 per cent said that it had come from friends and family.
Regionally, businesses that consider themselves best equipped to succeed are those in the north-east, London and Scotland. Those most worried that they aren't suitably equipped are in the East Midlands, Yorkshire and Humberside and the south west of England. Looking at size in our survey, it's the larger businesses from our sample (201-250 employees) that consider themselves best equipped, and the smallest that don't believe they are.
In terms of sectors, technology, IT, telecoms, business and professional services and media firms all believe they are set up to succeed. Those in retail, distribution, transport, leisure, hospitality, construction, property and consumer services are worried that they might not have what they need to get through and start off on the right foot once we see an upturn.
Younger business people believe that they're best equipped at this time, as do younger businesses, up to two-years old.
