Limited company contractors
and other small firms are meeting the challenging economic environment by adapting to the altered business landscape.
More businesses are diversifying and discounting as they innovate to grow turnover, particularly as the summer of sport offers unique opportunities.
According to Aviva, a quarter of small and medium-sized enterprises expect a boost from summer sporting events and almost a fifth have made business changes to maximise the opportunity.
Compared to six months ago, the proportion of firms reducing prices has risen from 23 per cent to 28 per cent, while the number diversifying into new products or services rose from 17 per cent to 26 per cent.
David Bruce, commercial product manager at Aviva, says: "Trading conditions clearly remain tough, while it seems many owners are perhaps being more pragmatic than optimistic in their forecasting of future revenues."