UK small firms 'unprepared for business interruption', FSB warns

UK small firms 'unprepared for business interruption', FSB warns

13 Jun 2018

The Federation of Small Businesses (FSB) has warned that the majority of UK small firms are ‘unprepared’ for disruption risks that internal and external threats pose.

Data published by the FSB revealed that 65% of small businesses do not currently have any plans in place to handle disruption risks to their firm or to their supply chains.

Some of the most common risks to firms include customers who fail to pay for goods or services; the loss of key members of staff; cybercrime and its associated threats; and severe weather and transport issues.

The FSB has urged larger businesses to assist smaller firms with forward planning. It has also called on local governments and authorities to emphasise the need for small businesses to put continuity plans into place.  

Commenting on the issue, Mike Cherry, National Chairman of the FSB, said: ‘Small businesses face a number of threats on a regular basis, and it is vital they are prepared to deal with them.

‘By implementing continuity plans, small firms can prepare for many of the sudden changes that can impact on them directly and their supply chains.

‘Given the likelihood that an enterprise will encounter some sort of business interruption issue more than once in their life, it is key to resilience that firms are encouraged to consider all risks that they could face.’

Sage Logo Xero Logo St Luke's Logo Meningitis Logo BNI Logo Geneva Group International ICAEW members in Harrow, Middlesex
Copyright

© 2018 Lawrence Grant. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Contact Us

Please call:
+44 (0)20 8861 7575

Quick links

Contact us | Website terms of use | Site map | Accessibility | Disclaimer | Help |

Address
2nd Floor, Hygeia House, 66 College Road, Harrow, Middlesex HA1 1BE

We are a member firm of the Institute of Chartered Accountants of England & Wales (ICAEW). Registered to carry on audit work in the UK and Ireland. Our Insurer is Manchester Underwriting Management, Centennium Court/East St, Chesham HP5 1DG (worldwide, excluding North America). Also an independent member of GGI, a multidisciplinary worldwide association of accountants, tax consultants & solicitors.