How the Olympics Is Helping Struggling Business in the UK

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The Summer Olympics have arrived in London and with them, many business are hoping to see an increase in profits. According to recent studies, only 10 percent of businesses saw an increase in the weeks leading up to the Games. Many are beginning to wonder if business revenue will indeed increase over the next few weeks.

Businesses should note that the official estimates from the Olympics held in Salt Lake city, Utah show a total of more than $4 billion in sales as well as 35,000 hours of employment and more than $1 billion in earnings for workers from Utah. Since those Olympics in 2002, Salt Lake City has also hosted Olympic trials, World Cups and U.S. Championships. What does this mean? It means that businesses can hold on to their hopes of seeing greater revenue over the next few weeks and even after the Olympic Games have ended and tourists have headed home.

Currently, more than one thousand UK businesses have been granted contracts that total more than $8 billion in US currency. Official reports show that 98 percent of all contracts awarded for the 2012 Summer Olympics have gone to businesses in the UK and many of those businesses chosen were relatively small in stature. These numbers help business owners to feel a bit better about their preparations for the Olympics and there are a few things that small business owners can do to ensure that they get a piece of the Olympic revenue pie.

  1. If you are in the position to do so, sell Olympic memorabilia. If you have a small shop you can add a few Olympic themed pieces to your inventory. Of course, only a few companies were chosen to be the official suppliers of memorabilia to the Games, but there is no reason that you cannot sell a few things in your shop to help boost tourist interest.
  2. Make sure that people know about the product or service that you provide. There have already been millions of visitors to London and there are likely to be even more over the next weeks. Make sure that you are doing something to get your business name out there so that tourists will know where to find you and why they would want to visit your company.
  3. If all else fails, you can offer to allow tourists and Olympic Games visitors a place to park. Parking is going to be very hard to find and if you are near the Olympic arena you can make a bit of extra business cash by allowing Games goers a place to park for the day.

This article was written by RealBusinessRecovery.co.uk, a team of award-winning insolvency practitioners specializing in Company Voluntary Arrangements or CVA. Visit our site to read more.