22-02-2008
FSB highlights need for financial prudence
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
Britain's Federation of Small Businesses (FSB) has highlighted the need for small to medium-sized enterprises (SMEs) to save funds.
Simon Briault, a representative for the organisation, believes that as SMEs are the first to experience problems during times of economic difficulty, such businesses should investigate ways in which they can minimise their costs.
"In times of economic difficulty, the bottom line is that the smaller businesses get into trouble first - purely because they have much tighter profit margins," said Mr Briault.
"Now might be the time to reassess your insurance, gas and electricity providers and the person who does your banking."
In related news, data released by Equifax last month has highlighted that, over the course of 2006, the number of businesses failing within the UK's retail sector increased by 17.2 per cent when compared with the previous year.
Established in 1974, the FSB has a membership base of more than 205,000.