28/11/2008 - Firms' confidence down amid gloom
Bosses of Britain's small and medium sized businesses are facing big problems as a result of the recession, with confidence falling in recent months.
Research by think-tank the Tenon Forum showed that half has suffered a fall in demand for goods, and one in four has been forced to cut staff. Most managers believed the economic downturn has had a negative impact on their business, with only half of the 1,200 questioned feeling positive about business prospects over the coming year.
Meanwhile, two thirds said Britain was facing the worst economic downturn in 60 years, although almost a third thought the downturn would provide new business opportunities. Such opportunities included taking clients from competitors and buying stock at a competitive price.
Carl Jackson of Tenon said: "Britain's entrepreneurs are at the frontline of the economy, and as the effects of the recession deepen, small businesses are the first to feel the pinch. It is encouraging to see that those entrepreneurs that are willing to take calculated risks are still able to reap the rewards and will be in a position to strengthen their business further as times continue to get tough."
Copyright © Press Association 2008
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