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Some good news for self employed people – the number of failing small businesses dropped near the end of 2009 as more people took to heart the good advice they received from the experts.

According to Experian, the number of failing businesses continued to fall and the financial strength of businesses improved in November 2009 – not only did businesses' financial strength grew but the rate of insolvencies fell to 0.09% in November 2009, compared to 0.11% in November 2008.

Rolf Hickmann, a director at Experian says: “The last four months have seen a fairly low and stable rate of insolvencies, compared to 2008, and certainly compared to the heights reached in the last recession in 1992. In fact the overall picture shows a very gentle decline in insolvencies throughout the year.

“Despite the prolonged recession, the UK’s entrepreneurial spirit continues to thrive. The number of micro businesses, those with one to two employees, is growing rapidly. They are enjoying amongst the lowest rates of insolvency and are relatively secure.”

If your micro business is not looking quite so healthy right now, it would be a good idea to talk to a financial professional right away. They can point you towards financial products tailored to the self employed that will ease debt problems, help reduce your outgoings and will make sure that your business doesn't fail in 2010. Those that do listen to expert advice are the ones who do survive.

SOURCE: Experian, 06/01/10

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