The hotel industry is very competitive, more so in these difficult times. As accountants to the hotel sector, we have also seen a steady increase in marketing spend as maintaining occupancy becomes ever more important for our Lancashire based clients.
Small businesses are stepping up their sales and marketing strategies in a bid to thwart the effects of the recession, according to a recent survey.
The study, carried out by the Forum of Private Business (FPB), revealed that while many small firms have cut their operational costs, they are now hiring additional sales staff, boosting their marketing activities, and carrying out improvements to their websites.
More than half of firms reported that they expect turnover to increase in 2010, while 44% expect their business to grow.
The survey was the first to be conducted by the FPB's new Economy Watch panel, a group of members who are sharing their experiences of the recession and its aftermath.
Overall the results were positive, with just 13% of firms reporting that they were concentrating their efforts on cost-cutting measures. Meanwhile, 80% of firms said that they found that the cost of borrowing was 'affordable'.
However, many do expect the difficult times to continue, with 60% of businesses anticipating increases in costs and 75% expecting tax increases.
Thomas Parry, FPB Research Manager, said, 'These findings are quite encouraging and show there's a healthy amount of fighting spirit among smaller firms'.
'However, much of this optimism is based on the hope of a recovering economy and increased business and consumer confidence.'