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Half of small firms 'could lose everything'

Nov 07 2008

Half of small firms 'could lose everything'

Almost half of all business owners could lose their home or everything they own if their company goes under, according to new research.

The Federation of Small Businesses' (FSB) survey of 8,600 members found 49 per cent are risking everything to keep their firm going.

Many of the company owners work from home, meaning their abode is tied up in their business assets.

Following this research, the FSB has appointed a professor of small business in order to aid firms in the economic downturn.

Professor Anderson, the new academic to join the organisation's team, says the findings are worrying and another example of how small firms 'put themselves in the firing line'.

He advises companies to 'keep watching your cash flow, get to know your bank manager and give your customers value in the way that only small businesses can'.

Research released this week from insurance firm RSA found 470,000 small businesses have already ceased trading since the credit crunch began.

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