They claim they have not seen a change in turnover since the start of the recession. The top three ‘recession proof' sectors for small businesses are Education, Manufacturing (engineering and utilities) and the Public Sector.
While the legal, HR and finance sector has seen the most volatility in turnover since the start of the recession, service providers overall are proving to be the most resilient, with a higher than average 65% reporting no change or in fact an increase in their turnover during the period. Just one in 20 small goods sellers have however managed an increase in their turnover since the start of the recession.
The study suggests that the internet has played an important role in keeping small enterprises afloat; over a third (40%) confirm that the introduction of an online shop increased their earnings by up to 30% in the last year. A further 56% say that simply having a website has increased their turnover in the same period. As a result, one in six (16%) small businesses are now considering moving their business purely online in order to get through the credit crunch. This figure leaps to 37% of small businesses in London, perhaps in response to property prices and rents still being significantly higher than average nationwide levels.
