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news release
Attention: business correspondents
PR 4647
October 1, 2002
LOCATION IS ALL IMPORTANT TO SMALL BUSINESSES
Eighty-five per cent of small business owners think their business premises are important to the
credibility of their enterprise and the image they wish to project, according to research carried out for
Lloyds TSB by the Small Business Research Trust based at the Open University Business School.
The size of the premises, the way it looks and its location is becoming increasingly important as the
market becomes more and more competitive. Many entrepreneurs also seek particular postcode
addresses, believing it will help increase business, either by being nearer customers or being in an
area that strengthens the position of the company.
Like, for example, when Fleet Street was
renowned for being home to the national newspapers and Lombard Street housed all the big banks.
Tim France, a small business owner who set up Split Ltd, a graphic design and advertising
consultancy in 1995, works from an office in Covent Garden, London giving him a WC2 postcode.
He says: “We provide graphic design and advertising services to companies in the technology sector.
Competition is fierce with so many consultancies after new business so we need to stand out as one
of the best. Covent Garden is one of the most sought-after locations in London and a WC2 postcode
provides the business with credibility.
For us in the creative services industry, being in central
London, with all it has to offer, is fantastic.
It also guarantees our staff and customers easy
accessibility to the office.”
“For any small business owner choosing their business premise, research is vital,” says David
Singleton, managing director, Business Banking, Lloyds TSB. “You need to be aware of where your
customers are, transportation links and costs.
complements your core business.
You also need to ensure that the premises
For example, being a recruitment agency but having an old
warehouse as your office would not send out a good signal to prospective customers. By spending
time looking into locations and premises, you can be sure when you choose one, it is the right one for
you to maximise your business potential.”
m/f
-2Other highlights of the report include:

Respondent companies with more than 50 employees are most likely to think business premises
are important to the credibility of their business and the image they are trying to project,
compared with 85 per cent overall.

A fifth of companies in the manufacturing sector think business premises are not important to the
business image they are trying to convey, compared with 14 per cent overall.
Notes to editors:

The research was carried out for Lloyds TSB by the Small Business Research Trust, based at the
Open University Business School. Copies of the Premises Report and previous issues are
available for £20.00, or to arrange an annual subscription for £75, contact Julie Sullivan, SBRT,
Walton Hall, Milton Keynes, MK7 6AA. Telephone 01908 655831, email oubs-sbrt@open.ac.uk or
visit www.sbrt.co.uk

Free press copies are available from Nishma Shah – contact details below.
For further information:
Nishma Shah
Lloyds TSB Press Office
020 7356 1714
Fiona Leslie
Open University Media Relations
01908 653256