FSB and ICM survey highlights recession survival strategies

THIS is a rather good piece of information I came across. It’s been conducted by ICM Research and the Federation of Small Businesses (FSB) into how the small business sector has survived during the recession.

It seems that innovation has been the key for more than 50% of small businesses. These firms have resisted the worst of the recession by innovating and creating new products and services.

The FSB-ICM ‘Voice of Small Business’ Annual Survey 2009 revealed that 53% of businesses introduced new or improved products and services last year, and 51% intended to continue innovating next year, showing that small businesses are keen to grow and develop, despite the tough times.

Even better, 27% of the 10,000 respondents said their profitability had increased over the last year and 30% said their sales volume had increased over the last financial year.

All this is fantastic news. It shows just how resilient small businesses can be. And how, with tin hats on and backs against the wall during the financial fall out, can come out fighting and win. In fact the FSB reckons small businesses are the solution to getting the UK out of recession.

I wouldn’t bet against it. How has your business done during the recession? Let us know.