Thirty per cent of SME to Diversify their Company

The recession stimulated a number of important changes to enterprise in the UK. From the ‘Voucher Code Revolution’ to an increase in the number of people considering company formation.

However, now as many company owners are still recovering from the aftershocks of the economic downturn they have found themselves facing a new challenge; of whether they should reconsider their business proposition and diversify to reflect changing consumer demand.
According to a recent report by business consultancy ‘M. J Consultancy’ , over thirty per cent of companies who have been trading for more than five years, claim that they are planning to diversify the products or services they currently offer by 2011.

The survey also reveals that over twenty per cent think that the economic downturn has forced them to identify new business opportunities.
Matthew Rice, a major investor in small businesses and enterprise, comments; “The fact that the recession has presented the small business and company formation sector with many challenges is a well documented fact. However the fact that it has also presented the SME sector with a number of new opportunities has gone largely unnoticed.”
“Enterprise in the UK is at a pivotal point. UK companies need to ensure they have there growth strategies and plans firmly in place to take advantage of the opportunities economic recovery will undoubtedly offer.”