Small businesses respond to recession

Date: 20th November 2008

Business start-ups have already begun their response to the oncoming recession, an investigation has revealed.

Research by telecoms firm T-Mobile has found that nearly half of all business start-ups have implemented a flexible working policy as a means to sustain growth and reduce costs during the current fiscal climate.

What's more, around 85 per cent of business start-ups have recognised the growing importance of technology and have started looking at how they can better integrate such systems.

James Caan, chief executive of the private equity firm Hamilton Bradshaw, said: "We all know that our economy is built on the success of small businesses, which account for over half of the UK's turnover and employment.

"Businesses need to take stock and revise their plans and strategy to continue to be competitive."

He added that this could mean streamlining operations, reducing costs and increasing productivity, with which an accountant could provide invaluable advice.

In other news, business start-ups have until January 31st next year to file a self-assessment tax return with HM Revenue and Customs, which must now be completed online.