Knowledge Centre
30th June 2009
Small businesses are reporting "tentative" signs of recovery, the Federation of Small Businesses (FSB) has said.
In a recent survey by the FSB, 23% of respondents reported an increase in trade in June, compared to just 11% in December last year.
Over half (57%) said that they were now "quite confident" about the future of their business, with 68% feeling that they were in a position to grow their firm over the next six months by investing in new products, more staff and marketing.
The survey also showed that just 25% of small business owners saw the cost of finance as a big problem in June, compared to nearly 40% in December 2008.
John Wright of the FSB said that small businesses were "naturally flexible and innovative in recessions", but warned that they are "certainly not out of the woods yet".
The words of caution are underlined by revised official figures, which show that the UK economy contracted by 2.4% in the first quarter of 2009, the biggest decline since 1958.
The Office for National Statistics revised the figure from its earlier estimate of a 1.9% fall, pointing to weaker output in the construction and services sectors as reasons for the sharp decline.
Small businesses 'show signs of recovery'
In a recent survey by the FSB, 23% of respondents reported an increase in trade in June, compared to just 11% in December last year.
Over half (57%) said that they were now "quite confident" about the future of their business, with 68% feeling that they were in a position to grow their firm over the next six months by investing in new products, more staff and marketing.
The survey also showed that just 25% of small business owners saw the cost of finance as a big problem in June, compared to nearly 40% in December 2008.
John Wright of the FSB said that small businesses were "naturally flexible and innovative in recessions", but warned that they are "certainly not out of the woods yet".
The words of caution are underlined by revised official figures, which show that the UK economy contracted by 2.4% in the first quarter of 2009, the biggest decline since 1958.
The Office for National Statistics revised the figure from its earlier estimate of a 1.9% fall, pointing to weaker output in the construction and services sectors as reasons for the sharp decline.
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