One in ten small to medium businesses is enjoying increased sales and is thriving despite the general economic downturn.
In the UK it is the hospitality industry – traditionally the first sector to receive the blows during a recession – that is benefiting from market conditions. According to USwitch, over a quarter of restaurant and hotel SMEs (Small to Medium Enterprises) say that they are doing well despite the current market climate. uSwitch.com suggests that this trend is a result of the increasing prevalence of discounts, vouchers and 2 for 1 deals as well as the influx of tourists into the UK.
Due to the ailing pound, the UK is a much more appealing tourist attraction than it was two years ago. The Brits are also more likely to holiday at home. But we can also attribute this upturn to the innovation of SMEs.
Finding new ways to cut costs without compromising your service.
The BBC reports that traders in East Sussex are cashing in on the recession by accepting other currencies including the euro, US and even the Australian dollar. Other coastal towns in Dorset are set to follow suit this Summer.
But hospitality is not the only industry to reap the benefits of the recession. 22% of manufacturing SMEs are doing well.
Unfortunately, the hospitality and manufacturing industries seem to be the exception to the rule- and even they cannot afford to be complacent. But perhaps, with a little innovation we can do more than just ride the storm. Basic belt-tightening along with some lateral thinking might just do the trick.