Small businesses in the UK are showing a true “fighting spirit” in the face of a troubling economic climate, it has been claimed.
A survey by XLN Telecom highlighted that while 15 per cent of small firms believed this Christmas would be “the worst ever”, the majority were more optimistic, with 32 per cent stating it would be similar to 2007 and 14 per cent anticipating it would be an improvement on last year. Firms were also found to be looking forward to the new year, with 18 per cent believing they can “thrive” in 2009. The research also emphasised that many small businesses are making changes to the way they work in a bid to cope with the changing economic outlook. Some 41 per cent are cutting overheads and purchases, while 32 per cent are cutting marketing costs. Commenting on the findings, Anthony Karibian, chief executive officer of XLN Telecom, stated: “Small businesses are highly resilient. Much of this resilience comes from their ability to rapidly adapt to changing circumstances – this combined with a highly entrepreneurial drive.”