Recession very challenging to businesses

The recession is presenting more of a threat to the survival of businesses than was imagined last year due to its depth and longevity, it has been stated.

Director of small business banking at Lloyds TSB Stephen Pegge said many firms had been planning ahead for this year in the hope that it would see the beginnings of a recovery, but this hope has now been dashed.

He stated: "Firms have managed to keep themselves going in the hope that things would improve this year but now they realise they need more help to get them through this."

Those looking for advice on business management can pick up a pack with advice on how to go about it.

A recent survey by Lloyds TSB commercial found that one of the largest concerns of small businesses was the loss of customers, a fear raised by 52 per cent of respondents.

Written by Christopher Evans

Published on: April 22, 2009

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