Columnists


  Damon Segal
Damon Segal has been a major force in the design ...


  Dan Matthews
Dan is a business owner and journalist with around...


  Charles Orton-Jones
Charles is the former editor of EuroBusiness magaz...


  Carmen Snipes
She’s lurking at your AGM, earwigging on the...


  Steve Van Dulken
Steve Van Dulken is a world-renowned expert on inv...


  Twinkle
Throughout the ages, man has consulted the heavens...


  Bernice Hurst
Bernice Hurst is the author/editor of more than 60...


  Brian Chernett
Brian Chernett is founder and Executive Chairman o...
Entrepreneurs bullish in spite of Crunch

Entrepreneurs in the UK are shrugging off the worst of the economic slouch and are confident about future growth, according to the latest research.

The facts:

The international study by insurance group Hiscox shows that 52 per cent of UK small business owners have nobusiness city intention to cut back expansion plans over the next 12 months.

The sentiment chimes with that of small businesses in France and Germany, where the majority of entrepreneurs plan to grow the face of prevailing economic winds.

But, true to form, businesses in the US were most confident overall. Just under seven in 10 small firms over there declared their intent to carry on growing regardless.

They said:

“We know small businesses can be fleet-of-foot and highly adaptable in a downturn and it’s good to see that the British entrepreneurial spirit is still strong, despite the credit crunch,” said Steve Langan, UK Managing Director at Hiscox.

“At a time when big businesses are announcing profit warnings, refinancing and job losses, small business owners in the UK, Europe and the US are bucking the trend. They seem determined to keep growing their business.”

We say:


To keep growing, large corporates diversified into new markets in recent years, most notably financial services (think Tesco, Marks & Spencer’s etc). It’s these divisions that are most exposed in the credit crunch.

Small businesses are more focused on their respective niches, and those with solid funding behind them are well placed to continue growing. Consumer confidence maybe falling but spending (particularly online) is increasing.

Watch out for embattled consumers changing their spending habits to save money. For example, domestic tourism could benefit from an increase in holidays to the coast, rather than more expensive destinations abroad.

Good luck!

Rating

By News Desk  on   Jul 22,2008

Add a comment  |  Add a rating
 |  Email to a friend

Keywords

economy    confidence    small business    US    credit crunch   

Comments


Related Articles
     
Product Reviews

Mr Site Pro review

Mr Site Takeaway Website Pro – to give it its full moniker – is designed to ....
Ubuntu OS review

You use a standard OS. So why does your techie use Ubuntu?.
Time Recording Kit

If you thought the old time clock was a thing of the past, think again.  The ....



'Emotionally intelligent’ leadership
Jul 08,2008
07:00 am

Who would you think of as an inspirational leader? Someone who makes people feel valued, and ...

By Launchlab Contributor

Small business survival tips
Jan 07,2009
07:00 am

Businesses need to cut costs and negotiate hard to survive in 2009. Andrew Shaw, partner at ...

By LaunchLab.co.uk

Launch a small business in 10 steps (part 1)
Aug 22,2008
12:10 pm

Every new business start-up has its own unique set of targets, problems and needs - so ...

By Dan Matthews

Launch a small business in 10 steps (part 1)
Aug 22,2008
12:10 pm

Every new business start-up has its own unique set of targets, problems and needs - so ...

By Dan Matthews

Get business with your phone number part II
Jun 27,2008
07:00 am

This guide sets out some of the ways you can maximise the gains from encouraging people ...

By Launchlab Contributor

Small business survival tips
Jan 07,2009
07:00 am

Businesses need to cut costs and negotiate hard to survive in 2009. Andrew Shaw, partner at ...

By LaunchLab.co.uk