London SMEs have ‘blitz spirit’
Nov 03 2008
SMEs in the capital are showing the required fighting spirit to see them through these lean and trying times, according to research by advisory service Business Link.
More than half of the companies surveyed say they’re better placed to survive the ‘crunch’ than their larger, corporate counterparts; nearly three in five report plans for growth over the next 12 months.
Patrick Elliot, chief executive of Business Link in London, says: ‘Many of the businesses we spoke to cited low overheads and a loyal customer base as key factors in helping them continue to thrive. For the time being at least, London’s entrepreneurs seem to be keeping doom and gloom away from their door.’
Around a quarter of the 656 SMEs questioned are also planning to hire more staff in the next year to fuel growth, with 44 per cent aggressively seeking out new business opportunities.
However, despite the predominantly upbeat mood, around a third of the 656 small businesses questioned have reported a drop in sales.
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