Mon, 10 Jan 2011
Small and medium-size enterprises (SMEs) in the UK are at risk of slipping into the lower level of the two-tier SME economy because they have been neglecting customer services during the economic downturn.
This is according to new research from Cisco, which found that although many small businesses have taken on a "fighting spirit" since the recession hit, some are putting themselves at risk because there are either unwilling or unable to alter their business practices to cope with changing consumer demands.
The study showed that 63 per cent of the 1,000 SMEs questioned have an optimistic outlook for 2010, with over three-quarters (77 per cent) anticipating an improvement in the economy before the year is out.
However, 43 per cent of participants said they have not taken any action to refocus their businesses practices to fit in with the needs of clients, putting them at risk of losing out to their competitors.
Head of SME and commercial for Cisco UK & Ireland David Critchley said firms that "are taking matters into their own hands and making things better for themselves" are more likely to enjoy a rewarding year.
"These customer kings are set to thrive in 2010," he concluded.
Ensuring high standards of customer service is one aspect of running a firm those starting their own enterprise may wish to consider.
Last month, John Grange of Business Link urged such individuals to carry out thorough planning in order to minimise the chance of their start-up failing.
He also cited finance as one area entrepreneurs should pay special attention to.
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