Small Business Week

As part of a wider analysis of the 2009 Business Pulse, we have analysed the differing experiences of a range of business sectors. The sectors surveyed were:

• insurance

• technology, IT and telecoms

• business and professional services

• consumer services

• media

• public sector

• leisure and hospitality

• retail, distribution and transport

• financial services

• manufacturing

• construction and property.

Overall technology, IT and telecoms, as well as those working in business and professional services say that they have also not felt the pinch as much as other sectors. At the other end of the scale are financial services, manufacturing and, the hardest hit, construction and property. The insurance industry is most optimistic about a quick upturn, followed by a sector that currently considers itself one of the hardest hit, financial services. The construction and property sector is pessimistic about an upturn, with the public sector being the most pessimistic.

The technology, IT and telecoms; business and professional services and media sectors say they are best equipped to succeed now and going forward. Consumer services and construction and property feel that they are least equipped. The manufacturing and technology, IT and telecoms sectors, more than any others, say that they will invest in new products and services to facilitate growth.

55 per cent of small firms in manufacturing consider that advice on advancing their business is essential, compared with only 39 per cent in insurance; other sectors lay in between these figures.

In terms of technology, the financial services, insurance and the technology, IT and telecoms sector itself, consider more than other sectors that technology can be used to increase efficiency and manage the impact of the recession better. However, reducing overall spending was considerably ahead of any other measure for mitigating the impact of the downturn. A significant proportion cited that web sites (73%) and eCommerce (40%) activities are important, with up to two-thirds of them selling something online. 30 per cent of the media sector said that it is winning and retaining more business through use of technology.

All sectors consider that faster broadband is having a positive impact on their business. 68 per cent in total already having seen a range of benefits from faster broadband; the financial services; technology, IT and telecoms; insurance and media sectors also see a range of future benefits that it will enable them to upgrade other technology that they use.