Thursday 3rd February 2011 - Published by Lara Page - Account Manager
LOBSTER LEADS THE WAY OUT OF RECESSION
Small businesses are being urged to take heart from the growing number of success stories as the economic downturn continues. As many as one in 50 small businesses were expected to fail last year. However, amid the doom and gloom, there are signs of green shoots of recovery, as many firms are thriving despite the impact of the economic downturn.
One such firm is Wigan-based, Lobster Lettings. The lettings agency and property management specialist was established in 2005, and at that time, consisted of Lee Moffitt, his partner Karen O’Connor and an answer machine in a basement unit in Wigan.
Within 3 years, the company had grown to a team of seven and was receiving more than 300 tenant enquiries per month. Now the company employs 14 people and has moved into a Grade II listed building in Wigan Town centre.
In 2011, Lobster Lettings is planning to open two more offices: One in North Manchester and another on Merseyside. So what’s the key to this success? Lee Moffitt, Lobster Lettings Director explains:
“Because of the unique structure of Lobster Lettings and the service this provides to our landlords, we’re able to buck the trend and continually reinvest for expansion, training and recruitment.”
Lobster has also decided to take advantage of a Wigan council scheme available to help small businesses. The ‘Financial Health Check’, funded by the councils’ ‘Regeneration & Communities Division’, is for companies that have potential for further expansion.
Mr Moffitt was delighted with the help his company received:
“A firm of accountants from Manchester visited us to assess our accounts and our procedures. This in itself was invaluable as it compelled us to double check all our processes.
When you’re self-employed there is nobody to tell you whether you’re doing a good job or not. Later, they came back with number of recommendations and some invaluable feedback.”
He added:
“Because of the potential the accountants saw in us, they put together a proposal for the council to lend us £50,000 at a low rate of interest to fund the next stage of our expansion.”
It’s thought that many small firms often overlook such help. So small businesses are being urged to follow Lobster’s example and seek out advice and support from the government, local councils and development agencies to help them stay afloat and even expand.
Green shoots in troubled times - a pr2go story
