Change and survive That’s the message from local businesses
A third of local businesses claim to have changed their product and service offering over the past six months according to our latest study.
Firms believe that redesigning and packaging their businesses in a different way has been a critical survival strategy to tackle the recession.
However, just under 50 per cent of businesses have cut back on staff – including redundancies, wage and bonus cuts, recruitment freezes and unpaid leave – to save money. In addition, marketing seems to have taken a blow with 15 per cent reducing yearly spend. A massive 70 per cent have also cut back on staff incentives to stay with the company.
The study shows how determined some companies are to beat the recession come what may. Taking positive steps to evolve their business strategies, combined with implementing cost-cutting measures, are pivotal to their survival and success.
However, two thirds of companies are not changing any aspect of their business offering and a third has no recession strategy in place, which we find quite surprising.
Typically business owners can save tens of thousands of pounds every year by relocating the contents of their commercial warehouse or office storage space to a self storage facility, reducing rental costs by up to 90 per cent.
