SMALL businesses are ideally placed to do well out of the recession, according to a woman who is celebrating 50 years in business this year.

Josephine Royce took over toy shop Rodwins in Crown Lane, Southgate, when she was just 23.

She has survived half a century and three recessions by diversifying and taking close notice of what her customers want.

She said she would advise nobody to go into business now. But there will be opportunities when we begin to leave recession. Mrs Royce's maxim is - It is not what the customers come in for it is what they come out for.

So she fills her shop with everything from tiny beads, face and body paint, wallpaper for dolls' houses, paints, knitting wool, costumes and joke shop funnies to ballet shoes.

Her and two assistants use the old fashioned pencil and paper approach to recording what has been sold and ordered so that stock ordering is better tailored to demand and less is wasted.

"Your business is only as good as your stock, but I might put something in stock and it will take nine or ten months to move," said Mrs Royce.

Rodwins' cheapest item is a 3p bead, and most expensive dancing trainers, at £50.

If a local shop selling an unusual item goes out of business, she picks up their customers by stocking the item.

She said: "I think customers will come back to smaller shops, I hope they will but we have to get over this recession first."

Although the recession has been tough for her as well, she has benefited from other shops going out of business or cutting their stock.

John Lewis, for example has stopped selling lengths of ribbon, instead customers must buy a 5m roll.

Step in a small shop like Rodwins, which will sell you a half metre of ribbon and a single button.

She also said some customers would eschew online retailers for shops which were more reliable.

"Five people a week must come in and buy things they've already bought online and which haven't come yet or don't fit."

"It's the customer themselves who are going to find that they can be let down."