Despite news that sales have slipped again, entrepreneurs are taking strident steps to overcome the negative effects of the downturn, research from the Open University’s Small Enterprise Research Team (SERT) has shown.
Entrepreneurs are remaining bullish in the face of adversity despite the fact that the survey of 700 business owners showed that annual sales were down again and projections are at their lowest ever for this time of year.
Despite this, small business owners are employing tactics to ensure they stay afloat. Almost half advocated increasing marketing spend to win new business and 42% they would refocus the business to push it into new markets.
Over half were willing to put their own salaries on the line to keep their business going – over half of small business owners said that if the current market conditions took a turn for the worse, they would expect to cut their own salary.
There is some hope however, while firms in some sectors are struggling including those in retail, construction and leisure industries, for those in manufacturing and business the outlook isn’t so bleak as sales appear to be on the up.
Professor Colin Gray, chairman of SERTeam says there is a reason why small businesses continue to stand the test of time. “Our surveys reveal that resilient small business owners have adapted to managing the vagaries of business life and that they help carry the whole economy through the bad times, as they are now.”
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