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Coronavirus: how can small businesses survive?
6 March 2020, 16:12
Federation of Small Businesses chief tells LBC how small businesses can survive during the coronavirus outbreak.
Small businesses make up 60% of the economy - however there are concerns that they may suffer during the outbreak. This is especially pertinent as the government has announced employers must pay employees statutory sick pay from day one of self-isolation.
FSB chief Alan Soady said that they have had tons of worried calls from small businesses.
"A lot of people are not affected yet, some are of course, particularly through supply chain issues or we've heard of trade shows being cancelled and people losing money that way," Mr Soady said.
"There are a lot of questions from small business employers about what they might need to prepare for. But the most important thing is to prepare."
Mr Soady continued, "The fact is, the situation is developing. The government have been talking about certain scenarios in which it could have significant disruptive impact in the coming weeks.
"We're saying to people to get a business continuity plan in place about what you would do if some of your staff were away because they were self-isolating. Have a look at insurance - are you covered for this kind of thing?" he said.
"Also think about your supply chains, think about how you would overcome any temporary cash-flow problems as well."