Posted: Monday, 6 October 2008 @ 19:34
I was reading the results of a survey from the Coventry & Warwickshire Chamber of Commerce, which suggests that businesses in this part of the West Midlands are really starting to feel the effects of the current economic climate. 77% of those surveyed reported a marked difference in sales figures compared to the same time last year and some reported as much as a 90% drop in trade.
It did make me wonder how businesses with a 90% drop in trade can survive.
On the plus side, it does seem that some sectors are yet to feel the pinch. They mention engineering and recycling. I suspect the survey would need closer analysis to assess the true reasons different companies are affected by recession in different ways. I know that some of my engineering clients are finding it difficult at the moment and some in the home improvement market are doing well as people are tending to stay put and work on their existing homes.
As I said in our August Ezine, we at Cousins Business Law are not too badly affected overall, certainly compared with other solicitors’ firms. Perhaps this is partly because we are a niche practice working with many long standing but diverse clients.
If you’re managing to thrive through the current economic conditions, it would be good to hear why.
Gary Cousins, Business Lawyer
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Blog by Gary Pascual
Gary has been providing legal advice to shareholders, directors and business owners for over 25 years. Specialising in dispute resolution Gary is based in Birmingham with clients throughout the UK and overseas. View profile
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