Many small to medium-sized enterprises (SMEs) are continuing to struggle financially as the year draws to a close, with almost half admitting that they are still implementing cutbacks and cost-cutting strategies, decisions which may prevent them from falling into debt.
New research from uSwitch.com has revealed that 42 per cent of SMEs will not be having a Christmas party and 46 per cent are offering no end-of-year bonuses.
SME expert at uSwitchforBusiness.com Jake Ridge remarked that this is unsurprising as “2009 has been a difficult year for SMEs”.
However, despite the fact that just 33 per cent were able to introduce staff perks this year, Mr Ridge remains confident that 2010 will see improvements, stating that 43 per cent of firms are witnessing recovery signs.
And SMEs are not the only ones trying to limit expenditure this festive season. Recent research from Abbey Savings found that UK adults are intending to spend less on presents for family and friends, as well as reducing the amount of socialising done during this period.
By Sarah Adie