In the current challenging economic climate companies must be able to adapt and diversify to ensure they remain viable businesses; be this by cutting staff, changing product ranges and services or improving customer care to look after those all important repeat customers.
Small businesses have an advantage over their larger counterparts in this regard - because they are smaller they are more flexible and should be able to adapt quicker without having to go through a mountain of red tape and bureaucracy.
the most common ways that SMEs are diversifying is through new products or services
Aviva’s survey of small and medium-sized businesses found that the most common ways that SMEs are diversifying is through new products or services, by opening at weekends, trading for longer hours and targeting new customer groups.
The research also revealed that just under 30% of businesses have initiated additional promotions and increased discounts, 18% have reduced staff pay, benefits and/or hours and one in ten have cut the number of permanent staff they employ.
"Britain's small business community remains entrepreneurial, creative and opportunist at heart, with an innate ability to be both flexible and versatile," said David Bruce, commercial product manager at Aviva.
"The ability to anticipate and adapt to the changing environment is key for any successful business, and business owners are clearly leading the way in this regard."
It is clear that the majority of small companies are assessing the new trading conditions that the recession has brought on and are adapting their businesses accordingly.
