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May 18, 2012

British small firms are positive in the face of economic gloom

Research commissioned by O2 and conducted by YouGov reveals that small British businesses are positive — in spite of difficult economic conditions, higher interest rates, fewer banks lending and less consumer spending.

O2 surveyed owners and managers in more than 1,000 UK small businesses to explore the day-to-day experiences of running a small company in the UK. The results show that SMEs are determined not to let gloomy economic forecasts dampen their fighting spirit:

  • 57% of small businesses said that despite recent reports on the UK’s economic challenges, they see no point in getting bogged down by negativity;
  • 40% say that with hard work, commitment and brilliant ideas, their business will continue to succeed;
  • Asked which traits best summed up their businesses, respondents named the top three characteristics as: being independently minded (50%), being confident (37%) and being creative (32%);
  • 38% of small business owners said they started their business because they felt they could do a better job in a smaller company or working for themselves than working for a big organisation.

Claire Darley, head of sales for small businesses at O2 said: “There’s absolutely no doubt that Britain’s small business culture is proving itself a force to be reckoned with. Even against the backdrop of such tough economic conditions, the positive sentiment within the small business community remains staggering.

“It’s critical, now more than ever, that we do all we can to support this ambitious, innovative and above all absolutely unique community of businesses to ensure that Britain’s small business culture continues to thrive.”

The survey was conducted to support the launch of O2’s new All In business package, bringing together O2’s mobile, landline and broadband services, along with a dedicated business support team.