Firms 'must seek support' in downturn ? commercial mortgages

27 January 2009

Companies should seek help and try to manage costs as effectively as possible if they want to beat the economic downturn, it has been claimed.

Chris Simpson, an account manager from Business Link, stated that firms should ask for support if they are struggling in the current conditions.

"Too many times businesses try and do things on their own and without the help of people like ourselves," he commented.

Financial matters such as commercial mortgages may be among the subjects that firms could ask for help with.

Mr Simpson advised that companies aim to increase staff skills, look to diversify, manage costs and improve processes to tackle the slowdown.

"I think there is a lot of things a business can do to help themselves survive at the moment," he said.

Recently, Stephen Alambritis, the chief spokesperson for the Federation of Small Businesses, noted that the government's £20 billion package aimed at boosting lending to small firms should help buoy the sector.