UK small firms ‘unprepared for business interruption’, FSB warns
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.’