FSB appoints a small business professor to help small firms lift the UK economy out of a downturn

The Federation of Small Businesses (FSB) has appointed an academic to add to its package of practical support to small firms during the downturn, as research shows that half of small business owners risk losing everything if their enterprises fail.

Recent figures by 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 per cent were under threat of losing their home, or everything they owned, if their businesses folded.

Alistair Anderson, professor and director of the Centre for Entrepreneurship at Aberdeen Business School, Robert Gordon University, will be announced as the FSB’s official Professor of Small Business on November 5 at the FSB National Council in central London.

Colin Willman, FSB Chair of Education Skills and Business Support, said:

“The FSB is very pleased to welcome Professor Anderson on board at this particularly challenging time for small businesses. We are confident that together we can help the 13.5million 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 said:

“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 per cent reduction in price can lead to an 80 per cent 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.”

He continued:

“I see my role at the FSB as an academic champion who will add to the understanding and appreciation of the significance of the small business sector; why and how it should be supported. I believe that we can do this by developing a fuller understanding of what it means to be a small business owner.”

Ends

Notes to Editors

The FSB has over 215,000 members and exists to protect and promote the interests of the self-employed, and all those who run their own business. More information is available at www.fsb.org.uk.

Professor Anderson has been appointed as the FSB as Professor of Small Business for the coming year, following a competitive tender process via the Association of Business Schools.

Alistair Anderson is professor and director of the Centre for Entrepreneurship at Aberdeen Business School, Robert Gordon University in Scotland. He also holds honorary and visiting positions at Aarhus Business School, Aberdeen University, Ballarat University and Lancaster University and is Editor of the leading European academic journal, Entrepreneurship and Regional Development and serves on the boards of several other international journals. After years practicing entrepreneurship, and running his own small businesses, he became interested in trying to understand how small business and entrepreneurs operate.

Contacts:

Stephen Alambritis: 020 7592 8112 / 07788 422155
Sophie Kummer: 020 7592 8128/07917628998
Prue Watson 020 7592 8121 / 07825 125695
Marc Shoffman 020 7592 8113 / 07595 067068

For regional FSB contacts please go to www.fsb.org.uk/regions