Small businesses urged to "reassess"

The UK's small firms have been advised to "reassess" their business activity this month and make sure they are in the strongest possible position for the rest of 2008.

A spokesperson for the Federation of Small Businesses (FSB) said that February presents an ideal time for small enterprises to take stock of their operations because it is significantly calmer than the busy Christmas period.

This advice applies mainly to small businesses in the retail sector, Simon Briault stated, although all small firms can benefit from appraising their accountancy and taxation practices at this time of year.

He commented: "Making sure that you are up-to-date in terms of your finances is one thing that you should make sure that you do.

"It's probably a good time to have a meeting with your accountant to see where you are financially, because it's coming up to the end of the tax year."

The FSB recently urged the government to give small businesses more advice on any legislative changes that may affect them.