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Small firms adapting to downturn

Over 70% of small businesses in the UK have developed creative solutions to strengthen their company during the recession, according to research commissioned by the Department for Business, Innovation and Skills.

The study shows that 77% of small companies have adapted their business to cope with the downturn with 26% adjusting working hours, 33% investing in additional staff training and rewards and 65% exploring new product areas.

Just under 50% of respondents that made changes to their business did so to take a pro-active approach to the challenging economic climate and 37% said it was so they were ready to capitalise on the economic upturn when it occurs.

"In the face of a global downturn small businesses have developed and applied practical changes to get the best out of their people and enhance their business," said Lord Young, Minister for Employment Relations.

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Post Date: September 24th, 2009