(My Original Blog Post: http://www.consilium-ifa.co.uk/blog/financial-news/smes-finding-the-road-to-recovery-slow.php)
Although the UK may be emerging slowly from recession it seems that small businesses are yet to feel the benefit, according to recent research from uSwitchforBusiness.com.
Small business owners are apparently more pessimistic about the future compared to the end of 2009. Over 50% confirmed that it will take their business more than a year to get back to normal again after the recession, compared to just 26 per cent in Q4 2009.
There is however more optimism in certain sectors. 10% confirmed they are better off than before the downturn. 41 per cent said the recession has left them slightly the worse for wear but believe they are now over the worst, 17 per cent saying that the damage will take some time to overcome.
The findings come from the latest uSwitchforBusiness.com SME Confidence Survey, which tracks small business confidence over time and highlights current issues and concerns facing Britain's small traders.
With recovery now in sight, the biggest challenge facing 43 per cent of businesses is increasing sales and turnover, while getting over the recession is the biggest hurdle for 15 per cent followed by dealing with regulation and red tape - the main challenge for 13 per cent of small businesses this year.
Jake Ridge, small business expert at www.uswitchforbusiness.com, said: "The green shoots of recovery are yet to reach Britain's SMEs and as a result many are finding trading even tougher now than before. They've been through a white knuckle ride and most are not expecting a smooth landing. In fact, 62 per cent are bracing themselves for a further downturn in the economy before it starts to pick up steam again.
"And that's when the real work starts in trying to rebuild their business and boosting sales and turnover – 44 per cent of small businesses anticipate that this process of getting back onto an even keel will take them over a year. The main message coming through is that Britain's small businesses face a long and fragile recovery, but 83 per cent are confident of surviving 2010, suggesting that the majority will get there in the end.”
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