Recovery from recession taking longer for London-based companies
Business expansion is a priority for the Capital’s firms
Growth remains a priority for over three-quarters of London businesses, despite the fact that one in 10 of those are still affected by the recession.
That’s according to findings of the latest Business Link in London’s Business Confidence Index (BCI) research, which also shows that the impact of the recession is levelling out.
The survey, which gathered economic insights from nearly 3,000 London-based companies between October and November 2010, also revealed that three quarters (72%) of firms are still feeling the pain of the recession. This is consistent with the results from the previous BCI poll in February 2010, indicating that the recovery is taking longer to materialise for London businesses.
Andy Berrow, operations director at Business Link in London, commented: “Findings from the survey indicate business owners are feeling positive and gaining confidence. Overall we’re seeing far more strategic decisions coming from the SME community to try and counter the way the recession affects their business.”
The research found that over half of business owners expect to achieve growth in the next year, with female owners in particular seeking growth. Over the past year, the Capital’s female entrepreneurs have seen their companies grow by 7% more than their male counterparts.
The key driver for business growth over the past year has been new product development, with 37% of firms citing this as a priority.
© Crimson Business. Ltd 2011