TRADERS in Hammersmith are suffering less as a result of the recession now than they were during the summer, according to a new survey.
Researchers who questioned 94 small and medium-size businesses in the borough found that just 12 per cent said they are 'extremely affected' by the ongoing downturn, compared with 22 per cent in July.
Across London the figures showed similar improvement, as the number of businesses counting themselves badly hit fell from 21 per cent to 13 per cent. Levels of optimism are also high, according to Business Link in London, which found 78 per cent of the borough's traders feeling positive about their prospects over the coming year, up one per cent since the summer and higher than the capital's 74 per cent average.
Despite that, the survey found that limited investment and cashflow constraints are continuing to present 'significant challenges' to firms in Hammersmith, with 64 per cent cutting costs or making redundancies and 60 per cent focusing on new products or services.
Some 3,300 businesses across London were quizzed for the organisation's quarterly business confidence index.
Denis Palmer, Business Link in London's regional manager, said: "Small businesses in Hammersmith have always been resilient during times of economic upheaval due to their ability to adapt quickly.
"This flexibility, combined with their survival strategies and optimism, is likely to have shielded some businesses from the full force of the recession."
The index shows that entrepreneurs are refusing to get bogged down in the doom and gloom, and their strategies to tackle the worst impact of the recession are paying dividends.
Mr Palmer added: "However, entrepreneurs are not yet immune to the continuing tough economic climate.
"A note of caution is necessary to manage the months ahead. We advocate a cautious optimism. We encourage Hammersmith's small businesses to visit our business advisers, use our business health check service and attend our events and workshops to get practical help for combating the recession."
