Small business growing in spite of recession
Published: 09:49, 02 December 2009
Updated: 09:49, 02 December 2009
The Government has been urged to back small firms as a poll suggests they are growing in spite of recession.
A survey for the Federation of Small Businesses found that half of businesses expect to expand their client base and one in five are planning to take on more staff.
The FSB-ICM Voice of Small Business Annual Survey 2009 reveals that 53 per cent of businesses introduced new or improved products and services last year, and 51 per cent intend to continue innovating next year, showing that small businesses are keen to grow and develop, despite the tough times.
The Voice of Small Business survey indicates that there is more good news from the small business sector: 27 per cent of the 10,000 respondents said their profitability increased over the last year and 30 per cent said their sales volume had increased over the last financial year.
This research, the most extensive survey of the small business sector since the start of the recession, reveals that despite the difficulties they have faced over the past year, small firms are already leading the way out of recession and back into growth.
Roger House, FSB chairman for Kent and Medway, said it was "no time to pull the support for this vibrant sector which is at the heart of economic growth.
"As the UK goes to the polls next year, public debt and unemployment will still be high, and the Government will have to make tough decisions to encourage recovery.
"The FSB-ICM Voice of Small Business Survey 2009 shows that small businesses will clearly be at the heart of that recovery, and must be given all the support they need to get on with the job of growing the economy out of recession.
"The FSB is calling for a renewed economic stimulus to help small businesses continue to create jobs, get access to crucial finance, innovate and start up new businesses, to get us squarely on the road to recovery."
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KentOnline reporter