- Monday, 24 May 2010Small businesses have learned to adapt to the recession while keeping their staff and reducing their debt, it has been claimed.
Noel Quinn, head of commercial banking at HSBC, believes the adaptability of small businesses and their ability to undertake effective management has ensured their survival during the recession.
Perhaps companies have undergone
debt management plans or started to be innovative in order to keep their staff employed and increase their exports.
Mr Quinn said: "The one thing that is unique this time round as they went into the recession is that companies actually preserved cash better than I was expecting and reduced debt during that time, and adapted their overall business models."
He added that companies have avoided the usual short-term solution of reducing costs by making staff redundant and have found new working preferences and adjusted compensation policies instead, to protect their skilled workers.
In a report released by HSBC Commercial Banking on May 21st, it showed that business leaders thought the qualities needed to ensure success were innovation (44 per cent), ability to trade internationally (33 per cent), entrepreneurialism (33 per cent) and adaptability (26 per cent).
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