SMEs in it for the long haul
Nov 22 2010
Many businesses foresee a long wait before a full economic recovery
The majority of small businesses expect a full economic recovery to be at least two years away, research finds.
In a survey of 400 small and medium sized enterprises (SMEs) by business insurance specialist QBE, 74 per cent foresee a two-year wait at least, while 47 per cent expect a turnaround to take more than three years.
The findings suggest that SMEs are more pessimistic than during the first half of 2010, when the same study found just 54 per cent of respondents believing a full recovery is two or more years away.
Tough economic times have improved the resilience of businesses however, with 54 per cent feeling they are more efficient than before the recession started.
Terry Whittaker, managing director of QBE European operations says: ‘Businsesses are expecting a longer wait before recovery but feel that their businesses are more efficient and competitive as a result of the recession.’
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