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MGI UK Reassures Businesses In Light Of Low Confidence

MGI UK is assuring small businesses that there is potentially nothing to worry about, despite widespread doom and gloom being reflected in the 2007 Quarter 4 UK Business Confidence Monitor.

The report, published by the Institute of Chartered Accountants in England and Wales (ICAEW), conveys national opinion on past performance and future prospects in business across all sectors.  Bill Johnston, managing partner at MGI member firm Seymour Taylor, believes that the press are making a substantial contribution to the panic sweeping UK businesses.

“The press need to take responsibility, and realise the damage they can potentially do by incompletely and over simplistically reporting matters.  They are once again in danger of talking us into a much more serious financial problem than actually exists.  By instilling panic into the nation, the press are likely to adversely affect business and accentuate a slowdown.

”The Bank of England also need to take responsibility, keeping interest rates down and ensuring they have influence over what is happening in the economy.  However, with the press reporting continual financial crisis, there is a risk of this becoming a self-fulfilling prophecy.”

Nevertheless, confidence has indisputably dropped in UK business, and some smaller firms are still likely to take an alarmist perspective.  CEO at MGI UK Paul Winder believes in survival of the fittest when it comes to concerns over business prosperity.

“If a business was strong yesterday, with sound financial and management structures, then it is unlikely to be seriously affected today, regardless of size or sector.  Of course, all businesses can suffer misfortune, but generally the strong will survive and prosper.

“As a way of reinforcing this, taking advantage of a network such as MGI UK is highly recommended. Small businesses especially have the opportunity to retain their independence whilst accessing the resources of the international business community to which they belong.  They are privy to global opportunities, and are consequently able to see their business in light of global trends, rather than just regional issues.”