smallbusiness.co.uk: Helping your business think big

On of the most crucial decisions for a small firm is the selection of its first employee, it has been claimed.

According to the Federation of Small Businesses (FSB), the foray into employment brings with it a raft of new rules and regulations.

Commenting on small firm employment, Simon Briault, spokesperson for the FSB, says: 'So when you initially employ somebody, that's the first big point in a small businesses life when they start to consider things like risk management, business continuity and health and safety.'

He adds: 'Up until that point, it's more about: 'Can I get this business off the ground?' and 'is it going to be viable?''

Meanwhile, according to research by Experian Business Strategies and Harris Interactive, just 53 per cent of small firms have a succession plan in place for the running of their company.