The economic recovery will surely result in a plethora of new entrants to the market resulting in increased competition in the future. Businesses can no longer compete with products alone and certainly, it is thought that only 10% of buyer decisions are made on price. Therefore, marketing and associated delivery of high levels of customer service are incredibly important for small businesses to attain and maintain market position.
Increasing levels of competition is the biggest threat facing smaller South East businesses, according to a new survey conducted by Bibby Financial Services. The company's SME Tracker, which surveys businesses with a turnover of up to £25m and up to 250 employees, found that competition is the biggest threat facing almost a third of the region's businesses.