Category: Contractor Industry News

Professional contractors and other business operators have coped well during the recession because of their adaptability, it has been pointed out.

Noel Quinn, head of commercial banking for HSBC, said UK industries show "tremendous capabilities" but often play down their strengths.

"They have managed their businesses well through the recession to preserve cash, adapted their business models and survived reasonably well," he commented.

Mr Quinn also highlighted the experienced management teams, strong technology support and planning capabilities that firms need to make the most of.

Many have taken steps to avoid short-term cost-reduction exercises and instead acted to preserve skills and keep people in employment.

Figures from the financial institution have revealed that new business trends and ways of working are developing, with many business owners embracing entrepreneurism and putting innovation and adaptability at the heart of their company.

These factors were highlighted as the most important qualities for British companies.

Posted by Sarah Putt