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IN BUSINESS
New start-up figures remain unchanged
• Overdraft borrowing is £9.0 billion, a fall of
one per cent over the year, reflecting a lower
reliance on temporary, cash flow finance.
• Term lending stands at £39.9 billion, hav-
ing grown nine per cent over the 12 months to
September.
• Deposits total £48.8 billion, having in-
creased by eight per cent over the 12 months
to September.
• Over 585,000 small businesses estab-
lished new banking relationships in the latest
12 months.
GetSet for Business has actually seen a
20% rise in the number of businesses seeking
support in the last six months compared to the
same period last year.
Managing Director, Kate Beever, said: ‘our
customers are clearly eager to gain the right
support for their business from the outset. The
credit crunch has actually encouraged busi-
A recent survey reveals that more people Over 200 business owners were questioned ness owners to plan ahead more significantly
are starting a business to strengthen their and other motivations included the flexibility of to prepare for a potential slump in their market.
financial security despite the current working from home and not having to answer GetSet for Business gives users the confi-
economic climate. to bosses. dence, knowledge and direction to consider
The research was carried out by business Recent figures released by Companies and prepare for every area of the business and
consultants www.getsetforbusiness.com who House and the British Banking Association produce an online, bespoke business plan.”
surveyed businesses established for less than show further signs of business confidence. Established businesses can also earn rev-
six months on their motivations for becoming Over 27,000 new Limited Companies were in- enue through the GetSet affiliate scheme.
self employed. Over 40% of respondents indi- corporated in England and Wales in July 2008. For more information visit:
cated their main reason was the fear of redun- In addition, the latest figures (Q3 2007) for the www.getsetforbusiness.com.
dancy from employment and the subsequent leading high street banks providing services for
removal of financial security. small business show that:
Embrace online or fail!
Brands that fail to embrace and engage in every pound spent in the UK. A large propor- When comparing the different age groups,
online consumer dialogues are set be tion of consumers are turning to comparison it is the ‘silver surfers’ (aged 55 and over),
among those most severely affected by engines and user reviews before buying. 62% many of whom have paid off mortgages or
the expected economic downturn. of respondents said that they are now more enjoy higher disposable income, who are the
Released today, research conducted by likely to consult reviews written by other web least concerned about the economic situation
e-consultancy Logan Tod and online PR firm shoppers before buying. (43% said that the economy would not affect
Immediate Future reveals that 64% of respon- While women are more inclined to reduce their spending), followed by the 16-24 age
dents will reduce their spending generally in overall spending during the economic down- bracket (37% wouldn’t change their spending
view of the deteriorating economic climate. turn, they are also more likely to consult online levels).
However, 56% said that their online spending reviews than men (64% compared to 58%). Matthew Tod, Logan Tod CEO, explains. ‘It
will either not be affected, or would actually Katy Howell, MD of social media specialist is clear from this research that online strategies
increase. Immediate Future, says ‘the research clearly will have to become far more sophisticated to
The survey shows that as fears increase, highlights the importance of online interaction weather the economic slowdown. A one size
consumers are turning online to find both the between consumers when faced with pur- fits all strategy will no longer be the most ef-
best available prices and advice. chasing decisions. Whether it is with blogs, fective and online retailers will have to start to
Online retail has seen a continual growth in comparison sites, or user reviews, brands need segment their audience and match their mar-
2008, with online spend up 38% on the first to understand and engage with social media to keting activity to each group.’
half of 2007, and now accounting for 17p of survive the expected economic downturn.’
Business Matters issue 164 • 11
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