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From left, business advisor Joel Kriteman with Kevin Hayden and Steve Flynn, both from Service Point UK |
Firms urged to keep calm as financial stormclouds loom
Small companies better placed to survive slump in economy,
bosses told
SIT tight, don’t panic and consider all the options. That was the advice to Islington’s business community as it braces itself for an expected downturn in the economy.
Up to 40 company representatives attended the Clerkenwell Business Junction Networking lunch at the Hat and Feathers bar, where they spoke about how the faltering financial climate was affecting them.
Thomas Hawkins, independent financial planning consultant with Primrose Associates, described that climate as volatile. He said: “We are aware some people are struggling with their mortgage, which means they can’t walk into their banks to obtain a loan.
“I suspect it is probably going to get worse before it gets better. The consensus is that repossessions will rise with negative equity. So far, this has not happened with any of our clients.”
His advice? “Sit tight, don’t panic, and consider all the options,” he said. “Take as much advice from as many different sources as possible. If you have cash then hold on to it.”
Business advisor Joel Kriteman said that, despite all the fears, experience proved that small firms were a lot stronger than large, unwieldy organisations.
He added: “Big business is often cumbersome and lethargic with a lot of inertia, whereas small businesses are willing to put in the extra hours they need to survive. If necessary, small business people will work at weekends or do whatever it takes to get out of trouble.
“Small firms are used to cutting prices or costs ruthlessly where necessary.”
He admitted shops would suffer if customers had less money in their pocket.
“We have to be resourceful because people are still out there,” he said. “They still have to eat food, buy houses and cars – and, of course, read newspapers.
“This period will make people a lot more competitive. Businesses will work from home or from sheds in their garden if it means saving money. It is about being streamlined.”
But it was not all doom and gloom. Kevin Hayden, major account manager with Service Point UK, a design and print service in Farringdon, said: “We’ve been out door-knocking and cold calling to bring new business on board.”
Nick Boland, manager of the Hat and Feathers bar in Clerkenwell Road, said business was steady. He added: “We’re booking a lot of functions and events for the summer months. We’ve a new marquee outside being officially launched next month. We’ve been refurbished and are actually doing better than last year.”
Award-winning film producer Maverick Kelly, from Neath Films, said: “Our business is small and we have regular clients who keep coming back so the climate hasn’t affected me yet. “
Jason Thorne, of Thorne Creative, which advises companies on their brand position, said: “We’ve got a number of irons in the fire. We have a few projects on hold but generally things are looking good.” |
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