FSB appoints small business professor

The Federation of Small Businesses (FSB) has appointed a business professor to help its members in the current challenging environment.

Professor and director of the Centre for Entrepreneurship at Aberdeen Business School, Robert Gordon University Alistair Anderson has taken up the post.

Recent figures from the FSB revealed small business owners often work from home with their homes being tied up as a business asset. The survey of 8,600 members found that 49% were under threat of losing their home, or everything they owned, if their businesses folded.

"The FSB is very pleased to welcome Professor Anderson on board at this particularly challenging time for small businesses," said FSB chair of education skills and business support Colin Willman.

"We are confident that together we can help the 13.5m people who work in small businesses around the country to help put the UK economy back on track.

"We look forward to working together with the Professor in the longer term, to enhancing the understanding of policy makers and members of the public about the importance of small firms to the economy and to society in general, and the role they will continue to play in the future."

Professor Anderson added: "These worrying findings are yet another example of how small business owners put themselves in the firing line but often without due recognition of what they do for the economy and for society.

"My advice to entrepreneurs and small firm owners in the current climate is: don't be overwhelmed, take practical steps. The last thing small businesses should do is cut prices through panic. A simple five or 10% reduction in price can lead to an 80% reduction in profits. Keep watching your cash flow, get to know your bank manager and give your customers value in the way that only small businesses can."