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Most businesses have been hit hard by the financial recession that has affected the whole of the global economy. London has not been immune to this, however it has been sheltered in some ways from the dynamic and diverse nature of business in the city. Most businesses in London have been affected in some way. Of course there are circumstances where businesses are thriving and doing better than ever in some sectors. Or certain companies that have managed to get their strategy right in difficult times. One of the sectors that has been affected is the renting of serviced apartments in London. When companies aren’t making deals and expanding then there is less need for them to travel for business. This has a knock on effect on the business travel sector meaning hotels and serviced apartments find it harder to attract clients. Economic snowball effect This then has a knock on effect on firms that offer services to hotels and serviced apartment providers, such as cleaners and restaurants, and so the cycle goes on. It is not until companies start having more confidence that business deals are going to go through that they will risk spending money on sending employees away for any length of time. When businesses start spending money it has an effect on the economy around them and other businesses start spending too. The money filters down to different sectors in the economy and with that comes the confidence to spend more. Business travel sector is a good indicator The business travel sector is a very good indicator of how well the economy is performing. If business travel is up then the economy is normally in good health. When bookings are low, it can be a bad sign. Business travel providers that have developed good relationships with businesses can use those relationships to see them through bad times. Long term relationships tend to stick, even when the economy is looking bad. There might be less business coming through but a smaller amount of business is better than nothing. Relationship building is important The companies that haven’t worked hard to build relationships over time are the ones that are going to find recessions much harder. In the good times bookings would have come to them but when things slow down they will find that there are less bookings that come through, without having to work for them. A recession can be a strange thing, it is all about confidence and speculation. When things start going downhill those that have built strong foundations are going to be the ones that succeed. It is always interesting reading about the London business travel market. Hotels are not always the best option for business travellers, serviced apartments London offer a more comfortable way to stay in the city for longer periods.
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