A guide to plain sailing through the recession
In an impassioned cry for support from the engine room of British business, three out of ten SMEs fear they will not be here in 12 months time. However, the same study of more than 1,000 UK businesses reveals that female entrepreneurs are less worried than men about the possibility of their SMEs not surviving.
the small number of super-performers will be the engine of growth for our economy and they share a common management philosophy: they invest in their staff
Female-run businesses are 30% more likely to be thriving through the current economic storm compared to their male-run counterparts. They are also more likely to be forecasting growth for the future and such self-assurance is characteristic of the breed of so-called Super SMEs that has risen and is thriving in the current climate.
Crucially, the report investigates what Super SMEs and struggling businesses did differently as the slowdown first loomed on the horizon. In doing so the report delivers an action plan for business survival. The plan is comprised of a ten-point checklist for anyone running their own business and includes tips on where to concentrate investment and what to prioritise when the chips are down, using the Super SMEs as the template for success.
David Molian of Cranfield School of Management and leading female business guru, Karen Gill of Everywoman contribute to the report commissioned by workplace telecoms specialist Plantronics, alongside Super SME case studies revealing their own strategies for success in a downturn.
"The overall picture from the study is even more serious than I would have predicted", Molian comments, adding that "the small number of super-performers will be the engine of growth for our economy and they share a common management philosophy: they invest in their staff".
While six out of ten SMEs brace themselves for negative growth in the next year, attitudes towards business critical issues such as diversification, flexible working, IT infrastructure and marketing cannot be ignored. Indeed, 62% of all SMEs have never had to face a slowdown before and are looking with increasing urgency for actionable advice and insight on challenging business decisions.
The study has been translated into a compelling blueprint for survival 'The Rise of The Super SME : A Guide to Plain Sailing through the Recession' which is available for download alongside a video featuring David Molian and Karen Gill helping to navigate your way through the key outcomes and tips for business success.