The Federation of Small Businesses (FSB) has joined forces with ASC Finance for Business to help small businesses beat the credit crunch. Small businesses are being urged to follow five top tips to cope with the credit squeeze and protect their businesses as the economy slows.

The FSB and small business finance consultants, ASC Finance for Business, highlight the pitfalls to avoid with some good old-fashioned business advice.

The top tips are:

• Financial flexibility – deal with more than one bank;
• Focus on your unique selling points – work hard to get lucky;
• Plan ahead – failing to plan is planning to fail;
• Manage your costs – do something different; and
• Seek professional advice - don’t be afraid to ask for help.

Mrs Audrey Whitney, Chairman of the Arun, Chichester & Midhurst Branch of the FSB, said:

“The sustainability of the 4.5 million business enterprises in the UK is more important than ever in an uncertain economy. Small businesses do not need to panic. ASC Finance has come up with invaluable advice to steer small businesses in the right direction in this difficult time.”

Henry Edjelbaum, Managing Director ASC Finance, said:

“We are being inundated by enquiries from small businesses who are being let down by their banks. Having successfully worked through three financial recessions, this credit crunch is nothing new to us. We have the contacts with leading banks and the focus to help small businesses raise the right finance for their business.”