Recession Threatens Small Business Survival
“I think a lot of small and medium-sized businesses in particular are going quite simply to be in a battle for survival.” Shadow Business Secretary Alan Duncan.
If you own or run a small business in this current economic climate, the prospects of your business failing have increased dramatically. Every day, the TV and newspapers report more doom and gloom, with many big players going to the wall - let alone the smaller businesses.
In the 4th quarter of 2008 almost 20,000 people were declared bankrupt and company liquidations were up by over 50%.
The fight for business survival is very much ON and, as in every battle, there will be winners and losers.
Too many business owners are simply hanging in there, hoping for the best, praying they will be able to make it through, whilst others are busy leading the way, forming new business plans and models to adapt to the current market, and taking steps to ensure their businesses survive and grow. Which group are you in?
Many small business owners started out as self employed tradesmen, such as carpenters, plumbers, electricians, or in family run businesses such as jewellers, newsagents, garages, bridal wear shops, restaurants etc. With hard work and long hours they’ve built up a successful enterprise, possibly even expanding and employing extra staff to cope with the growing business. But now things have changed.
Whilst they are all experts in their own fields, they may not necessarily be experienced in managing business change and refocus, and this can leave them dangerously exposed in tough market conditions.
During the boom times, when customers had money to spend, profits and growth were almost taken for granted. But, the boom time is over now. Belts have been tightened. Almost overnight, it seems, the market has changed. And businesses need to change with it.
It’s these CHANGES which will provide the opportunity for growth during this period of recession.
As the economy contracts, the ability of a small business owner to make the right choices and take the right action, while exploring new ideas, may mean the difference between whether he stays in business for another year, another quarter, or another day. If he makes the right choices now, he not only has the opportunity to survive today, but to grow and prosper into the future.
So, how does a small business owner or manager take advantage of this opportunity?
The current economic downturn and unprecedented upheavals in the financial sector have forced many managers and business owners to realise that they cannot continue running their business as they did in better times, and they are turning to business consultants to help them re-focus their business. This is an important step in creating stability and sustainability for the future.
Seeking expert advice on every aspect of your business can help you navigate the rough waters of recession. It is essential that SME owners are proactive, and take steps to not only help their businesses survive, but also grow. Using business consultants/strategists is one such way that owners can get objective, constructive advice on their businesses.
Remember, ANYTIME is a good time for business development. The majority of businesses can be turned around, as long as the owners act quickly, take proactive steps and confront any problems head-on.
FACT: Coaching is the most underused business resource in the UK.
Many business owners seem to think that to seek the advice of a business coach, strategist or analyst is an admission of their inability to cope - it’s almost an admission of failure. This is very much a “British” attitude and it’s certainly not shared by the global business world. But the same owners who feel this way, will gladly use a sports coach or golf pro to improve their golf swing! Seeking professional advice for your business is no different to consulting a sports coach to improve your game - but it’s far more important!
Being self employed is not an endurance test you must pass alone in order to succeed! Most large companies and corporations employ business analysts and consultants from time to time, to get a fresh perspective and develop new ideas. Why not give your business the same advantage?
It’s this advantage that gives small business owners the assurance and knowledge to grow and develop, even in tough, changing markets - and it’s this advantage that will separate the winners from the losers!
If your business is already feeling the effects of the recession, then you don’t have time to waste - you really must take action NOW!
So what positive action can small businesses take in the battle for survival during this global recession?
Visit The Business Roadshow UK 2009
This important event will help you not only SURVIVE but THRIVE in the tough markets of 2009. If you own or run a small business, you can’t afford to miss it!
It’s purpose is to give business owners an insight into how business consultants and strategists operate, without having to commit to a large financial investment.
You will benefit from practical and effective advice; learn what they look for when they go into a company and what strategies they would use to drive the company forward, to grow profitably, even in tough times.
Is It For Me?
Definitely. Whether you’re a restauranteur, plumber, IT consultant, hairdresser, garage owner, estate agent, boutique owner, butcher, baker or candlestick maker. Whether you’re a one man band or have 50 employees - If you have a small business, you cannot afford to miss this event.
Why Should I Attend?
You will discover…..
- The 3 things you must do NOW to ensure business survival throughout the economic downturn.
- Exactly how to adapt your business to TAKE ADVANTAGE of the recession and turn it into an opportunity for higher profits!
- The most costly mistakes that many small business make and how to avoid them!
- How to improve cash flow and increase profitability by improving the use of key resources within the business.
- How to identify and eliminate bad practices that harm and drain your business.
- How your small business can WIN the price war against the superstores.
- Why you MUST work ON your business rather than IN it!
- How to use the internet to drive your business forward.
- And much, much more!
This important event could change the way you look at and operate your business, for ever!
Click here for The Business Roadshow dates, venues, and how you can qualify for a SPECIAL DISCOUNT!

