Over half of all small business owners across the UK believe that the recession will continue to last well into next year, according to a new survey by Amplify Communications.
The results showed that 58% of all SME owners believe that the recession will be around at least until spring of next year, with about the same amount stating that their company’s overall health is dependent on the economy.
Additionally, out of these 25% stated that even once the economy enters a recovery stage their business will still feel the aftershocks of the recession.
Along the lines of the old adage hindsight is 20/20, if businesses could foresee the recession and change their response 32% said they would have reduced the amount of employees they hired and 43% said they would have put more time into their marketing and sales efforts.
According to the survey, in order to deal with the results of the recession 58% of the businesses surveyed were cutting costs. 42% were improving their website and online business fronts, and 38% were attempting to find new partnerships.
Thus, over half are focusing on marketing techniques to beat the recession as of the survey date.