When asked how they felt about the future, over a third (38%) of SMEs, admitted things were looking ‘hard’ for their business, with 4% describing the outlook as ‘terrible’. However, many were more positive, with over a third (38%) describing their prospects as ‘good’ or ‘very good’.
When it comes to forecasting the severity of the recession, opinions again vary. Many SMEs fear the credit crunch still has a long way to go before any recovery begins. Almost a quarter (24%) believe an upturn is 12 months away, 26% predicted 18 months, and almost a third (30%) think the crunch will last for two years or more.
But it appears there is at least one aspect of the recession on which almost all SMEs agree. Nine out of ten (90%) small and medium-sized businesses agree that their close relationships with each other is now ‘very important’ if they’re to pull through the crisis.
Warren Cass, Managing Director and Founder of Business Scene said, “SMEs seem to have different opinions as to whether a change of government would make a difference to their business. However they’re in agreement when it comes to the importance of their network. Smaller firms cannot afford to wait for new business to appear. At times like this there is safety in numbers, and they must work their network. The best way to ensure that your company survives and even grows in this climate is to be out there talking about it both on and offline.”
Government has failed us say business leaders
