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If you want to be able to get hold of credit for your small business it might be time to think outside of the box and look to alternative ways to make your business thrive.

Over 40% of small businesses in the UK have developed creative solutions to strengthen their business during the downturn. Commissioned by the Department for Business, Innovation and Skills, research has found that over three quarters of businesses have made changes and believe that their business is stronger as a result.

Changes include switching staff roles, adjusting working hours, investing in additional staff training, motivation and rewards, recruiting new staff and exploring new product areas.

Simon Woodroffe, founder of YO! Sushi and YOTEL, says: "As a downturn hits, a true entrepreneur sits up and looks at how to turn a potentially difficult situation into one that can strengthen their business. This commitment to flexibility and desire to constantly evolve is at the very heart of successful enterprise."

Most businesses making chances because of the economic downturn – almost half of those that made changes to meet the challenges of the new economic environment. Surprisingly, over a third of self certified business people said it was to ensure they are ready to capitalise when the economy is stronger – these are the borrowers whop, when things improve, will be at the front of the queue for more well priced loans.

Lord Young, Minister for Employment Relations, says: "In the face of a global downturn small businesses have developed and applied practical changes to get the best out of their people and enhance their business."

If you think you could change your business so as to make more money and have the chance to get hold of more finance, talk to a financial professional who can help guide you through any changes or challenges you may face as the recession continues.

SOURCE: BIS, 22/09/09

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