Expert: SMEs reacting faster to business opportunities
Almost half of small businesses have maintained or increased their profitability in the last year, despite the recession.
Thomas Parry, research manager at the Forum of Private Business (FPB), said that the new findings echo what has been thought over the past year; with some currently struggling, many are managing to do quite well.
"Small to medium-sized enterprises [SMEs] have been able to react faster to opportunities than big companies and are often able to cut their costs more effectively due to the comparative simplicity of their structures," he added.
The FPB has found that up to 15 per cent of its members are currently looking to expand at the moment, while Mr Parry also praised the inventiveness, hard work and entrepreneurial spirit of smaller businesses.
His words came after research from Kingston University highlighted that many SMEs were outperforming their larger rivals thanks to their ability to adapt quickly to market changes.
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By Wayne Bly
Filed: 10-11-2009
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