Flexibility the key
In a press release today, the Federation of Small Businesses (FSB), representing over 215,000 small firms, said its members are finding new ways to turn a profit, despite a shrinking credit market and record fuel costs.
“Credit is drying up, big companies are taking longer to pay their bills and fuel costs are having a massive impact on the bottom lines of businesses in almost every sector,” said FSB Financial Affairs Chairman Mike Cherry.
“But small business owners are made of tough stuff,” he continued, “and the size of their operations allows them to adapt to changing market conditions quickly. Agile entrepreneurs are finding new ways of targeting customers, changing the focus of their output or breaking into new markets altogether.”
“I’m focusing on the teaching side of my business, and that is growing steadily,” said Mariana Robinson, who runs an art gallery in Gloucestershire. “Since the local shop and Post Office closed, I’ve diversified as well and the gallery now sells stamps and sweets to fill the gap in the market.”
